Egypt, Hungary Sign MoU to Establish Joint Committee for Trade, Industry

Nevin Gamea, the Egyptian Minister of Trade and Industry and Péter Szijjártó, the Hungarian Minister of Foreign Affairs and Trade signed a memorandum of understanding (MoU) to establish a joint committee for trade and industry, within the framework of the partnership agreement between Egypt and the European Union signed in 2001, and in accordance with the economic cooperation agreement between the government The Egyptian Government and the Government of Hungary signed in Budapest in 2007.

In a statement today, the Gamea stressed that the signing of the agreement reflects the importance of relations between Egypt and the countries of the European Union, and the desire of the Egyptian state to strengthen commercial and industrial relations and develop small and medium enterprises with Hungary in issues of common interest, and then create a framework to support bilateral trade relations, in a manner that serves the interests common and contributes to the economic development of the two countries.

The minister said that under the memorandum of understanding, a joint sub-committee for trade and industry will be established with the aim of strengthening industrial and commercial relations between Egypt and Hungary, headed by the head of the Egyptian commercial representation on the Egyptian side and the head of the export promotion department on the Hungarian side, and it will include official officials chosen by the two parties to be held periodically in both countries.

She pointed out that the joint sub-committee will identify and implement all measures that enhance bilateral trade and industry ties, address trade and industry obstacles that affect both countries, assist the private sector in both countries to establish joint commercial and industrial projects, discuss the recommendations of the Joint Business Council, as well as exchange Information on issues related to trade and industry, and to give recommendations for possible measures to be taken by the two parties to expand and persify trade between them.

she indicated that the joint sub-committee on trade and industry will establish sub-working groups in specific disciplines, including trade, industry and small and medium enterprises, where the working groups will send the results of their meetings to the joint sub-committee.

Szijjártó said that the two parties agreed to encourage and strengthen cooperation between the citizens of the two countries and government institutions and bodies, in the fields of trade, industry and small and medium enterprises.

He added that the memorandum of understanding will enter into force on the day it is signed for a period of five years, automatically renewed for another five-year period, pointing out that this committee will play a major role in achieving the hopes and aspirations of the Egyptian and Hungarian peoples.

The Minister and her Hungarian counterpart also witnessed the signing of an agreement between the General Authority for Investment and the Hungarian Import-Export Bank in the field of promoting investment opportunities in the two countries.