TTIP could create up to 30,000 jobs in Hungary

Automotive

The Transatlantic Trade and Investment Partnership (TTIP), a free trade agreement being negotiated between the United States and the European Union, could create 20,000-30,000 jobs in Hungary, according to participants at a conference organized by the British Embassy in Budapest yesterday, Hungarian news agency MTI reported.

TTIP will help not only big businesses, it will also give an advantage to SMEs, said British ambassador to Hungary Iain Lindsay. Consumers will come out winners as well, he added.

National Bank of Hungary deputy governor Márton Nagy said TTIP would impact Hungary positively, especially its automotive industry, considering European and German car manufacturing is more competitive than in the United States. He said the trade pact could raise Hungaryʼs GDP by 0.1-0.3 of a percentage point, lifting exports by 5-20% and creating 6,000-22,000 new jobs, according to estimates made by the central bank.

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