Minister Szijjártó said the European Union could benefit from closer cooperation with the Gulf Region in light of the region’s marked improvement in competitiveness, even as the EU’s competitiveness had declined.
Péter Szijjártó, Minister of Foreign Affairs and Trade, said Hungary and the United Arab Emirates have affirmed their commitment to expanding cooperation based on mutual respect.
Speaking in Abu Dhabi, Minister Szijjártó said bilateral economic ties had developed dynamically, with trade between the countries reaching half a billion dollars in 2024. He added that the sides had agreed to expand their cooperation to new areas, too.
Partnerships between Hungarian and UAE businesses are starting in the areas of crude and gas production as well as renewables, and both sides want to establish closer cooperation in the areas of banking, digital industry, telecommunications and the defence industry, he said. Cooperation in the food industry is expected to expand, too, he added.
Minister Szijjártó said the European Union could benefit from closer cooperation with the Gulf Region in light of the region’s marked improvement in competitiveness, even as the EU’s competitiveness had declined.
He noted that efforts to reach a broad free trade agreement between the EU and the Gulf Cooperation Council had been unsuccessful and pressed for the start of negotiations on a separate free trade agreement with the UAE.
Minister Szijjártó acknowledged the UAE’s stabilising role in the region and other parts of the world and pointed to its important part in the global fight against terrorism. He said the sides had affirmed their commitment to cooperating on initiatives to achieve peace and resolve armed conflicts.
