PH-Hungary sign economic cooperation agreement

Department of Trade and Industry (DTI) Secretary Ramon Lopez and Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto signed the Philippines-Hungarian Economic Cooperation Agreement (ECA) on March 28, 2017 aiming to create a Joint Economic Commission (JEC).

JEC will serve as a platform to discuss trade, investments, economic cooperation and other related matters for both countries.

According to Sec. Lopez, “cooperation activities include exchange of information, participation in trade- and investment-related activities and promotion of economic cooperation among institutions.”

Based on a data in 2016, the Philippines was Hungary’s 40th trading partner (out of 226), 26th export market (out of 213) and 63rd import supplier (out of 206).

On March 28, the Embassy of Hungary in the Phlippines also re-opened in Bonifacio Global City, Taguig City.

Image grabbed from I Love Taguig

Source: dti.gov.ph, budapestpe.dfa.gov.ph