Business chamber urges talks with Russia
The Hungarian-Russian chapter of the Hungarian Chamber of Commerce and Industry (MKIK) expects Hungary to be far more affected by Russian’s ban on farm products than analysts predict, its chairman said last week. Russian Prime Minister Dmitry Medvedev announced on August 7 a one-year ban on fruit, vegetable, meat, fish, milk and dairy imports from the European Union, the United States, Australia, Canada and Norway.
Imre Tóth, chairman of the Hungarian-Russian chapter, noted that business ties could be severed due to sanctions and that such ties would be difficult to re-establish. According to the Hungarian Chamber of Commerce and Industry, SMEs account for 20-25% of exports to Russia. Hungary's bilateral trade with southern Russia alone generated USD 127 mln in 2013, with Hungarian exports accounting for three-fourths of the total, András Kádár, a regional expert, told the chapter.
The authorities should call a meeting of the Russian-Hungarian inter-governmental committee in October, said Imre Tóth,
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