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INDO - HUNGARIAN trade
Indo-Hungarian trade, though still much below the potential, has been increasing steadily.Institutional structure of economic co-operation
Trade and other agreements : A number of agreements provide the institutional framework for economic cooperation with Hungary:- Double Taxation Avoidance Agreement(DTAC) (signed in November, 2003)
- Bilateral Investment Protection and Promotion Agreement(BIPA) (Nov,2003)
- Health Cooperation Agreement (signed in December ,2001)
- MoU on Cooperation in Information Technology (Nov.2003)
- Agreement on Defence Cooperation(Nov.2003)
A Joint Business Council was set up in 1979 under an agreement between FICCI and Hungarian Chamber of Commerce and had met regularly to promote direct contact between business delegations. It last met in New Delhi in November, 2003 during Hungarian former Prime Minister, Mr. Medgyessy’s visit.
Joint Commission : An Inter-governmental Joint Commission was set up in 1973 and met regularly. The 11th Session of the Indo-Hungarian Joint Commission took place on 1st October, 2003 after a gap of more than six years. The Minister for Commerce and Industry and Law and Justice Shri Arun Jaitley and Mr. Csaba Laszlo, former Hungarian Minister of Finance co-chaired the Joint Commission. Representatives from a range of sectors of interest including pharmaceuticals, IT, Construction, Cement, Power, automobile, R&D etc. participated in the meeting. From the Hungarians side, representatives from the power sector, EXIMBank, the Investment and Trade Development of Hungary, Water Management, Agriculture, pharmaceuticals etc. attended. The Protocol signed after the conclusion of the JCM outlined priority areas of cooperation for the future.