UAE, Hungary sign economic cooperation agreement

The UAE and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment flows in priority sectors of mutual interest.

The pact was signed in the Hungarian capital, Budapest, by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade.

The agreement aims to deepen bilateral ties and drive mutual growth across key sectors including industry, commerce, investment, tourism, logistics, infrastructure and real estate.

Non-oil trade between the two countries has seen a significant increase in recent years. In 2023, non-oil trade increased by 23.1 per cent to $1.127 billion (AED 4.11 billion) - a threefold rise from $409 million (AED 1.5 billion) in 2019.

"We are creating opportunities for our private sectors to increase collaboration and build partnerships in various areas that will be pivotal to economic diversification, while also facilitating and incentivising future-focused private enterprises and emerging industries to grow within and beyond our borders," said Al Zeyoudi.

As per the agreement, a joint committee will be established to facilitate and oversee economic engagement, developing mutually beneficial programmes and initiatives, while also establishing a mechanism to oversee their successful implementation.

"The United Arab Emirates is a principal trade partner in the Arab region for Hungary, and we look forward to elevating our bilateral relations to new heights across various developmental fields with today’s signing," said Szijjártó.

Pleasure to meet with HE Péter Szijjártó, Minister of Foreign Affairs & Trade of Hungary & sign an economic cooperation agreement that will increase trade & investment flows between our nations & create opportunities for partnerships between our private sectors in key areas 🇦🇪🇭🇺 pic.twitter.com/SKBgem9G9f

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) March 14, 2024