Minister for National Economy Mihály Varga met with US State Department Coordinator for Sanctions Policy Daniel Fried, who on his visit was accompanied by US Ambassador Colleen Bell.
The USA is one of Hungary’s most important trade partners, and the eighth largest investor, Mihály Varga said. The volume of Hungarian exports to the United States grew by 10 percent in 2015, US companies employ more than 90 thousand people and last year 10 new investment projects were brought to Hungary, he pointed out.
EU sanctions against Russia – according to the Austrian economic think tank, WIFO – cause a daily loss of EUR 100bn for the European Union, and they endanger more than 2 million EU jobs. Over the past two years, Hungarian exports have suffered a potential loss of USD 44.5bn, especially regarding exports of machinery and food, the Minister stressed. The Government has recently made strenuous efforts to find alternative markets.
The Minister emphasised that sanctions against Russia imposed as a consequence of the country’s involvement in the Ukrainian crisis can only be lifted provided Russia fulfils obligations laid down in the Minsk Protocol.
In coming months, it has to be analysed on a European level whether punitive measures have achieved the desired effect, Mihály Varga said.
(Ministry for National Economy)
