On December 19, the Armenian government approved the signing of an economic cooperation agreement with Hungary during a Cabinet meeting.
The agreement aims to expand and regulate bilateral economic relations between Armenia and Hungary, fostering mutually beneficial cooperation across key sectors. These sectors include trade, the pharmaceutical industry, tourism, energy, transport and logistics, agriculture, forestry, research and innovation, environmental protection, and water resource management, among others.
To support these efforts, the agreement provides for the establishment of a joint intergovernmental economic commission. This commission will coordinate and promote bilateral trade and economic cooperation, as well as organize and encourage mutual economic programs. Its goal is to create new business opportunities and fully realize the economic potential of both countries.
Diplomatic ties between the two countries were suspended in 2012 following Hungary’s controversial extradition of Ramil Safarov ” an Azerbaijani officer convicted of the brutal murder of Armenian Lieutenant Gurgen Margaryan in Budapest in 2004.
Diplomatic relations were only restored at the end of 2022. In May 2024, Armenia and Hungary agreed to open embassies in each other’s capitals, signaling a new phase of engagement between the two nations.
