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The protocol of the 3rd Iran and Hungary Joint Economic Cooperation Commission was signed by the Iranian Economy Minster Ehsan Khanduzi and the Hungarian Minister of Foreign Affairs Peter Siarto on Thursday evening.

The two sides referred to the 55% increase in bilateral trade between the 2nd and the 3rd Joint Economic Cooperation Commission, deducting that this is a good sign of the significance of that commission.

Also, in the agricultural field, the two countries reached important agreements, including three cooperation documents in agricultural, animal husbandry health, and plants quarantine, which will in near future be turned into signed documents.

In the field of exchange of university students, too, that in accordance with the previous agreements Hungary had accepted to allocate 100 scholarships to Iranian students, so far over 600 Iranian students have used such scholarships.

The Iranian economy minister said at the end of the meeting that the two countries have agreed to increase the level of their bilateral trade to 100 million dollars annually.

Khanduzi referred to the role played by the two countries’ university students as the cultural ambassadors, expressing hope that more Hungarian students will visit Iran in the future.

“Iran and Hungary are two countries with very similar standpoints in various economic, political and cultural fields,” he added.

The economy minister said, “The message of the two countries’ economy ministers is not limited to their economies only, as they both can contribute to resolving the regional conflicts and disputes.”

The Hungarian Minister of Foreign Affairs Peter Siarto, too, said in the joint press conference with the Iranian economy minister after the 3rd Iran and Hungary Joint Economic Cooperation Commission that the two countries must cooperate to lower the level of regional tensions.

He referred to the 85th anniversary of the establishment of the two countries’ diplomatic relations, arguing, “96 Iranian and Hungarian companies were present in this bilateral economic meeting.”

The top Hungarian diplomat also referred to over 50% growth of the two countries’ economic trade during the current Christian year, arguing that it is one of the positive effects of last year’s bilateral economic meeting.

Siarto said that the two countries’ cooperation in agricultural, university exchange and scholarships, technological and industrial products has increased, and appreciated the role that the Islamic Republic of Iran is play in blocking the path for Afghan refugees’ immigration to Europe, and especially to Hungary.

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During the meeting, the two sides explored some of the potential areas for mutual cooperation and called for taking necessary measures for boosting the level of trade to the pre-sanction levels and even higher, the ICCIMA portal reported.

Speaking in the meeting, Karbasi noted that Iran-Hungary trade stood at $200 million in 2018, however, the figure fell to $35 million due to sanctions and the coronavirus pandemic in 2020.

“We must try to reach the volume of trade to the 2018 level and even more,” the official stressed.

He pointed out that Hungarian agricultural products make up a large share (about 25 percent) of the country’s exports, suggesting that the ICCIMA and the Hungarian Chamber of Commerce in collaboration with the embassies of the two countries, should organize webinars and face-to-face talks between the two countries’ traders in the field of agriculture to facilitate the trade in this area.

“Considering the export potentials of Iran and Hungary in the field of agriculture, it is possible to exchange a list of products and demanded goods in this field in order to expand collaborations in this sector,” Karbasi said.

He further called on the Hungarian embassy and especially the country’s commercial attaché in Tehran to take the necessary measures for facilitating the trade between the two countries and to boost the level of economic exchanges to the pre-sanction levels.

The Hungarian official for his part expressed interest in holding business webinars between the two sides and it was decided to hold two online webinars in the fields of agricultural and medical equipment in the near future.

Holding specialized B2B video conferences in the fields of agriculture and medical equipment, considering a preferential trade agreement between the two countries, bartering of goods and services and paving the way for the expansion of trade cooperation between small and medium-sized enterprises (SMEs) of the two countries, were among the suggestions that the two sides made for boosting the level of trade between the two countries.

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