Minister for Trade Ahn Duk-geun met with Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó on Dec. 20 at the Lotte Hotel in Seoul to sign the MOU on cooperation in trade and investment promotion, and discussed trade, investment subsidies and the EU Critical Raw Materials Act.
The MOU is a follow-up measure for the Korea-Hungary Trade Ministerial talks held on Oct. 24 in Budapest. The two trade chiefs agreed that the MOU should precede the Trade and Investment Promotion Framework (TIPF), which would be developed more expansively based on the MOU.
Trade Minister Ahn stated, “Korea-Hungary trade and investment have skyrocketed despite COVID-19 and global uncertainties, and the two countries’ cooperative ties will only continue to deepen.” Korea-Hungary trade grew from USD 2.8 billion in 2010 to $4.8 billion in 2021.
The minister emphasized that a prompt establishment of the bilateral comprehensive partnership through TIPF is necessary. The TIPF is a partnership package that encompasses supply chain, digital, clean energy and other emerging trade issues, and is expected to serve as a catalyst for further advancement of the two nations’ economic ties.
He also requested that the Hungarian government provide full support regarding the European Commission’s investigations into Hungary’s subsidies for Samsung SDI’s investment so as to bring about a swift approval.
Concerning the EU Critical Raw Materials Act, Minister Ahn called for the Hungarian government’s interest and support to make sure that the Act is free of discriminatory elements against foreign companies and in alignment with the existing supply chain due diligence regulations, and is in accordance with the World Trade Organization (WTO) and Korea-EU FTA.
The ministry has submitted a statement containing the above opinion to the European Commission on Nov. 25.