ISLAMABAD -The Embassy of Hungary in Islamabad has been working on strengthening economic and commercial ties with Pakistan for years. As the first result of these efforts, the two countries signed an Economic Cooperation Agreement in 2017, which laid down the framework of the further cooperation. Based on that, organizing the first session of Joint Economic Commission in the Hungarian capital, Budapest, between 12-13 September 2019 was another milestone of the deepening relations.

In cooperation with the Pakistani Ministry of Commerce, the Trade Development Authority of Pakistan and All Pakistan Business Forum, the Hungarian Embassy was organizing a bilateral Business Forum in Lahore, where numerous Hungarian and Pakistani companies signalled their willingness to participate but it had to be postponed due to the coronavirus pandemic.

As a result of the Hungarian Embassy’s efforts, signing the water management MoU and the amendment of the double taxation avoidance convention are another significant events of the economic relations, which shows the two countries commitment to each other. The purpose of this MoU is to establish a framework for co-operation between the parties in the field of water management on the basis of equality, reciprocity and mutual benefit. The aim of the Protocol amending the Tax Convention is to improve the bilateral exchange mechanism of information in accordance with international standards. The Hungarian Embassy does hope that the next step in this forward-looking process could be the signature of the Agreement for Promotion and Reciprocal Protection of Investments.