FinMin: Gov’t finds WTO proposals unacceptable
Hungary’s government finds proposals by the World Trade Organization to reduce global trade barriers unacceptable in their current form, Finance Minister János Veres said at a press conference on Tuesday.
The WTO proposals would cut tariffs and subsidies for farm products and reduce tariffs for industrial goods. If the EU accepts the WTO proposals, it will cut Hungarian companies’ profits by Ft 10 billion (about $68 million) in the first year, but could reduce them as much as Ft 100 billion later, Veres said. The first sectors to be affected will be the farm and automotive industry sectors, he added. The WTO’s plant would reduce tariffs on agriculture products by 60pc on average, giving Hungarian farmers far more competition, the government’s press office said in a statement on Monday.
Hungary’s Prime Minister Ferenc Gyurcsány, who is on holiday, telephoned European Commission president Jose Manuel Barroso and French President Nicolas Sarkozy on Monday to discuss the proposals. Hungary has already reassured Sarkozy of its support for French-led opposition to the proposals. In addition to Hungary and France, Italy and Lithuania are also protesting the proposals. (MTI-Econews)
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
