MANILA-- The Philippines and Hungary want to create a Joint Economic Commission (JEC) which will be a platform for discussion between the two countries in matters related to trade, investments, and economic cooperation.
This is after Hungary reopened its embassy in the Philippines in Taguig on Tuesday.
Department of Trade and Industry (DTI) Secretary Ramon Lopez and Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto also signed an Economic Cooperation Agreement which aims to create the JEC.
Cooperation activities include exchange of information, participation in trade- and investment-related activities and promotion of economic cooperation among institutions, Lopez said.
He added that the JEC also aimed to include cooperation in expert services, financial institutions and banking sectors, and establishment of joint ventures and facilitation of the participation of micro, small and medium enterprises (MSMEs).
Hungary is the country's 40th largest trading partner in 2016.
The country also ranked 26th top exports destination for Philippine products and 63rd largest import source for the country.
Source: Philippines News Agency