Armenia, Hungary to launch intergovernmental economic commission

The Cabinet endorsed on Thursday the draft presidential decree on approving the agreement signed on May 6, 2024 in Budapest on economic cooperation between the governments of Armenia and Hungary.

The agreement provides for development of mutually beneficial cooperation in trade, pharmaceuticals, tourism, energy, transport and material-technical logistics, agriculture and forestry, research and innovation, environmental protection and water resource management and other areas.

The agreement is aimed at the development of mutually beneficial cooperation, creation of favorable conditions for expansion of economic ties, increase of business activity and utilization of the potential for economic cooperation between the two countries.

The agreement envisages development of cooperation and diversification in all economic sectors. It also envisages the creation of a joint Armenia-Hungary Intergovernmental Economic Commission to coordinate and promote trade-economic cooperation.