Turkey aims to increase annual trade volume
with Hungary to $5 billion, Science, Industry and Technology Minister Faruk
Özlü has said.
“Hungary is an important trade partner for
Turkey. Last year, the mutual trade volume was over $2 billion. Our goal is to
increase this up to $5 billion, and we will meet this goal in the very near
future,” Özlu said at a Turkey-Hungary Joint Economic Commission meeting in
Özlu said that in 2016, Turkey’s exports to
Hungary increased by 17 percent to $832 million compared to the previous year,
while its imports stood at $1.3 billion in 2015.
He added that Hungary supported Turkey
regarding the update of the Customs Union agreement with the EU, and that
bilateral relations would be further enhanced once challenges facing Turkish
road transport companies were resolved. He also called for a joint commission
meeting in this regard.
Turkish officials have repeatedly criticized
free trade agreements signed by the EU with other countries, such as the U.S.,
which would effectively open Turkey’s market to exports from such states, with
Despite not being a member of the EU, Turkey
has been a member of the Customs Union agreement since 1995.
Hungarian Foreign Affairs and Trade Minister
Peter Szijjarto, for his part, said the Turkish economy kept growing while the
EU lost its competitiveness.
He called for “much closer” ties between the EU
and Turkey. “Hypocrisy and political incorrectness move Turkey away from the
EU,” he added.
Szijjarto also called for boosting the trade
volume between Turkey and Hungary up to $5 billion, calling on Turkish
businesses to invest in Hungary.
“As Hungary, we will continue to offer help [to
Turkey] as much we can, as long as the EU does not grant visa exemption to
Turkey. We are also open to solving transportation problems. Favorable
conditions for both sides will be developed through mutual concessions,” he
Turkish and Hungarian ministers later signed a
protocol set to move forward cooperation in trade, joint operations in third
countries, industrial and technical sectors and banking