Economic Analysts: Membership in Schengen Area Vital for Slovakia

(Stock photo by TASR/AP)

Bratislava, April 2 (TASR) – Membership in the Schengen Area is of key importance for Slovakia as a small country, analysts approached by TASR have concurred.

Apart from making travelling for work and tourism easier, it also reduces costs and time in foreign trade, noted Slovenska sporitelna bank analyst Katarina Muchova. She stressed that as much as 80 percent of Slovakia’s exports go to countries within the Schengen Area, while imports from the zone represent 54 percent of the total volume.

“If it weren’t for the Schengen Area, the movement of goods would be slower and limited, affecting the country’s competitiveness and economic growth,” she said.

Sberbank Europe head analyst Vladimir Vano pointed out that the importance of the Schengen Area for the movement of goods seems to be underestimated, noting that Slovakia’s exports to countries within the zone currently work almost exclusively on the basis of just-in-time deliveries, which would hardly be feasible without open borders.

According to Muchova, while labour mobility inside Slovakia isn’t significant, the number of Slovaks travelling for work across Schengen borders appears to be far more pronounced.