SEOUL– South Korea and Hungary agreed Tuesday to push for clinching a bilateral framework on trade and investment promotion to enhance cooperation on supply chains and various trade issues, Seoul’s trade ministry said.
South Korea’s Trade Minister Ahn Duk-geun and Hungary’s foreign and trade minister, Peter Szijjarto, signed the memorandum of understanding on the launch of the Trade and Investment Promotion Framework (TIPF) in Seoul, which calls for a comprehensive cooperative relationship in terms of trade, industry, energy and related fields, according to the ministry.
“The envisioned agreement is expected to further develop the bilateral economic cooperative ties amid global uncertainties, as it will not only cover trade and investment but also a wide range of emerging issues, such as supply chains, digital transition and clean energy,” Ahn said.
Bilateral trade has been on the rise from US$1.75 billion in 2015 to $3.61 billion in 2020 and further to $4.8 billion in 2021.
During the first nine months of this year, the figure stood at $4.81 billion, government data showed.
Source: Yonhap News Agency