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Trade Minister Omer Bolat announced that Türkiye and Hungary signed the Joint Declaration on Enhancing Bilateral Trade Relations, marking a concrete step toward strengthening commercial and institutional cooperation between the two countries.
In a statement on X, Bolat said he held a productive meeting with Hungarian Minister of Foreign Affairs and Foreign Trade Peter Szijjarto, who is in Türkiye for the Seventh Meeting of the Türkiye-Hungary High-Level Strategic Cooperation Council (YDSK).
Bolat noted that Türkiye is ready to increase mutual investments with Hungary and deepen cooperation in contracting, defense, energy, logistics, and finance sectors.
He highlighted that bilateral trade volume reached a historic record of $4.7 billion in the first 11 months of the year and is expected to exceed $5 billion by year-end.
Bolat added that the trade volume is projected to surpass $6 billion in 2026 in a balanced and sustainable manner.
Bolat underlined the importance of institutional mechanisms such as:
He said the Joint Declaration reflects both countries’ determination to advance trade and institutional cooperation.
During the meeting, Bolat and Szijjarto discussed expanding mutual investments, enhancing cooperation in banking and finance, strengthening logistics and supply chain security, and increasing joint contracting activities abroad.
Bolat said Szijjarto showed a constructive approach regarding the need for additional transit and bilateral transport permits for Turkish carriers, aligned with rising trade volume.
Türkiye expressed satisfaction with Turkish contractors completing 74 projects worth $2.4 billion in Hungary, and both sides confirmed that this cooperation could expand into Africa, Ukraine, and the Organization of Turkic States (OTS) countries.
The ministers also discussed shared priorities regarding the European Union.
Bolat emphasized Türkiye’s appreciation for Hungary’s full support in updating the Customs Union.
He noted that both sides addressed steps to ease unfair visa practices and delays in work permit processes faced by Turkish businesspeople.
Bolat said the close consultations conducted through platforms such as YDSK, KEK, JETCO, OTS, and OECD continue to reinforce the friendship and strategic partnership between Türkiye and Hungary.
Both sides agreed to maintain efforts to advance bilateral relations based on mutual benefit.
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