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Russia, Hungary eager to stop decline in bilateral trade — minister

May 25, 17:50 UTC+3 BUDAPEST
Hungary’s Foreign Minister says Russia and Hungary have a common goal to trigger the development of trade and economic ties
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Russian Foreign Minister Sergey Lavrov and Hungarian Foreign Minister Peter Szijjarto

Russian Foreign Minister Sergey Lavrov and Hungarian Foreign Minister Peter Szijjarto

© EPA/TAMAS KOVACS HUNGARY OUT

BUDAPEST, May 25. /TASS/. Russia and Hungary are interested in coping with plunging bilateral trade and triggering trade ties, Hungary’s Foreign Minister Peter Szijjarto said after talks with his Russian counterpart Sergey Lavrov on Wednesday.

"Last year’s trade turnover was down by 47% and it has dropped by another 25% year-to-date," the minister said, adding that "the losses total $4.5 bln.

"We have a common goal to stop this decline and trigger the development of trade and economic ties between Hungary and Russia," Szijjarto said. Hungary plans to establish closer ties with Russian regions and boost investment flow in Russia, he added.

The Russian foreign minister said Russia and Hungary need to assume additional measures to boost mutual trade turnover. 

"We’ve discussed the whole mechanism of bilateral ties in detail. We’re united in the certainty that additional measures need to be taken to cope with declining trade turnover," Lavrov said.

According to Szijjarto, the decision made concerns regional cooperation and investments of Hungarian companies in Russia, "particularly, in the pharmaceutical sector." "We’re negotiating investment in construction," he said, adding that the sides "have managed to reach an agreement regarding one project on stadium construction for FIFA World Cup in Russia."

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