Hungary to Press for Relaunch of EU-Malaysia FTA

Trade

Image by Shutterstock.com

Hungary will relaunch negotiations on a free trade agreement between the European Union and Malaysia when it takes the revolving presidency of the Council of the EU in the second half of the year, Minister of Foreign Affairs and Trade Péter Szijjártó said in Kuala Lumpur on Wednesday.

Negotiations for a FTA between the EU and Malaysia were launched in 2010 but put on hold after seven rounds in 2012.

Hungary will also press 16 EU member states who still need to ratify a cooperation agreement with Malaysia to follow through, Szijjártó said in a statement issued by his ministry after a meeting with his Malaysian counterpart.

He said bilateral trade between Hungary and Malaysia had reached an annual USD 830 mln. He added that the inaugural meeting of the Hungarian-Malaysian Joint Economic Commission would take place soon.

He said the sides would soon close talks on a regionalization agreement that could prevent a complete halt of poultry or pork exports if only limited areas of the country are affected by outbreaks of avian influenza or African swine fever.

He said that Hungarian oil gas company MOL aimed to boost sales of lubricants in Malaysia.

Like Hungary, Malaysia is making efforts to become a regional leader in the automotive industry's transition to electromobility, paving the way for cooperation between technical universities in both countries, he added.

Szijjártó said Malaysia was "an important ally" in advocating global free trade and connectivity while avoiding a return to a world divided into blocs.

Farmgate Prices Fall 25.4% in February Crops

Farmgate Prices Fall 25.4% in February

Hungary in Talks on Attracting More Chinese Investments - Sz... Int’l Relations

Hungary in Talks on Attracting More Chinese Investments - Sz...

Close to 2,500 Companies Apply for EV Subsidies Automotive

Close to 2,500 Companies Apply for EV Subsidies

Chresten Bruun Wins Expat CEO of the Year Award Awards

Chresten Bruun Wins Expat CEO of the Year Award

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.