ISLAMABAD - Pakistan and Hungary on Tuesday signed an agreement to enhance economic cooperation and trade ties.

Economic Affairs Division Secretary Tariq Mahmood Pasha and Hungarian Deputy Minister for Foreign Affairs and Trade Szilveszter Bus signed the agreement. The agreement signing ceremony was witnessed by Finance Minister Senator Ishaq Dar. On the occasion, Dar said that it is a step forward towards establishment of a Joint Commission and even closer relations between Pakistan and Hungary. He said that the agreement would facilitate active promotion of economic linkages between the two countries, and realisation of the true bilateral trade potential.

Dar also invited the Hungarian companies to explore business and trade opportunities in Pakistan. He expressed the hope that the governments of Pakistan and Hungary will actively work in partnership to ensure economic cooperation and prosperity for the peoples of both nations.

The Hungarian deputy minister said that signing of the agreement is a major milestone and the next step would be the formation of the joint economic commission. He invited Pakistani businessmen to explore opportunities for cooperation with their Hungarian counterparts. He said that Pakistan is one of the hubs of economic growth and Hungary looks forward to develop strong economic ties with Pakistan.

The agreement will help to promote economic cooperation between the two countries in various areas including machine industry, electronics industry, food and agriculture, water management, environmental and energy sector, chemical and petrochemical industry, construction and infrastructure development, transport and logistics, automotive industry, IT and telecom, healthcare, education, and human resource development. The Joint Commission on Economic Cooperation to be established under the agreement will monitor the effective implementation of the agreement and propose recommendations for development of bilateral economic cooperation.