UAE and Hungary Sign Economic Cooperation Agreement

UAE, 15 March, 2024 : The UAE and Hungary have signed an economic cooperation agreement in Budapest aimed at boosting trade and investment between the two nations. Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, inked the agreement, targeting sectors like industry, commerce, investment, tourism, logistics, infrastructure, and real estate.

The agreement aims to increase non-oil trade, which saw a significant uptick in 2023, reaching over US$1.127 billion, a threefold rise from 2019. Al Zeyoudi highlighted the shared goal of sustainable economic growth through enhanced trade and investment.

Szijjártó emphasized the UAE's significance as a principal trade partner for Hungary in the Arab region. He expressed eagerness to strengthen bilateral relations across various sectors, emphasizing the agreement's role in establishing cooperation frameworks and programs.

A joint committee will be established to oversee economic engagement, develop mutually beneficial programs, and ensure successful implementation. This signing builds upon the cooperation program agreed upon in 2022, prioritizing key sectors such as trade, investment, talent attraction, and small and medium-sized enterprises.