An economic cooperation agreement has been signed between the UAE and Hungary with the aim of promoting trade and investment in sectors of mutual interest. The agreement was signed in Budapest, Hungary’s capital, 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 signing ceremony was attended by Saud Hamad Al-Shamsi, UAE’s ambassador to Hungary.
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Surging non-oil trade between UAE and Hungary
The UAE-Hungary economic cooperation agreement seeks to strengthen bilateral ties and foster growth in key sectors such as industry, commerce, investment, tourism, logistics, infrastructure, and real estate. Additionally, the agreement aims to enhance non-oil trade, which has experienced significant growth in recent years. In 2023, non-oil trade between the two countries increased by 23.1 percent, reaching over $1.127 billion, marking a threefold rise from $409 million in 2019.
Collaboration and partnerships in key areas
The Minister Al Zeyoudi highlighted that the agreement paves the way for increased trade and investment opportunities by leveraging the combined economic potential of both nations. He further stated that the UAE and Hungary share the goal of achieving sustainable economic growth through stimulating trade and investment flows. The agreement provides opportunities for private sectors to collaborate and establish partnerships in various areas crucial to economic diversification. It also aims to support and incentivize future-oriented private enterprises and emerging industries to thrive within and beyond national borders.
Szijjártó acknowledged the UAE as a key trading partner for Hungary in the Arab region and expressed optimism about elevating bilateral relations to new heights across different developmental fields. He also described the economic cooperation agreement as a significant milestone in their constructive collaboration, providing specific frameworks and vital programs for advancing cooperation in priority sectors. Szijjártó anticipated that this would lead to more diverse, robust, and sustainable economic and commercial relations between the two nations in the coming years.
Establishing a joint committee
In addition, under the agreement, a joint committee will be established to facilitate and oversee economic engagement between the UAE and Hungary. This committee will develop mutually beneficial programs and initiatives aligned with the agreement’s objectives, while also ensuring their successful implementation.
Moreover, the signing of this agreement builds upon the cooperation program agreed upon by the UAE and Hungary in 2022. The program identified nine key sectors as priorities, including trade, investment, talent attraction, small and medium-sized enterprises, water resource management, energy and renewable energy, tourism and culture, logistics and supply, research and technology, space, and education.
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