PH strengthens economic ties with Hungary
MANILA - The Philippines and Hungary are determined to bring their partnership into a more strategic direction, following the signing of an e c onomic c ooperation agreement in Makati and the re- opening of the Embassy of Hungary in Taguig on 28 March.
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) in Makati, which aims at creating a Joint Economic Commission ( JEC) for both sides to serve as a platform to discuss trade, i nvestments, economic cooperation and other related matters.
The JEC will be a venue to discuss sectors or areas of mutual interests, as well as means to broaden and intensify cooperation between both countries.
“Cooperation activities in c l u d e ex c h a n g e o f information, participation in trade- and investment-related activities and promotion of economic cooperation among institutions,” said Lopez.
The JEC will also promote cooperation i n terms of expert services, financial i nstitutions and banking sectors, establishment of joint ventures and facilitation of the participation of micro, small and medium enterprises (MSMEs).
The trade chief added that the agreement is an additional dimension to the trade relationship between the Philippines and Hungary given t he ongoing PH– European Union ( EU) Free Trade Agreement ( FTA) negotiations, adding that it is in line with the current strategy of President Rodrigo Duterte to rebalance trade relations with non-traditional trading partners.
On trade, the Philippines is determined to promote products in terms of electronics, auto parts, processed food (marine products, fruits, snack food), costume jewelry/giftware, and personal care products, as well as promote the tourism sector.
Meanwhile, sectors for investment promotion are in the areas of manufacturing, aerospace, processed and specialty food, IT-BPM, energy efficiency technologies, retail, and training center.
The Philippines c an also capitalize on Hungary’s strengths and expertise to enhance implementation of existing industry roadmaps