Türkiye’s Trade Minister Omer Bolat announced that Türkiye and Hungary have signed a Joint Declaration to enhance bilateral trade relations, representing a tangible move to boost both commercial and institutional cooperation between the two nations.
Bolat stated that he had a productive discussion with Hungary’s Minister of Foreign Affairs and Foreign Trade, Peter Szijjarto, who is visiting Türkiye to attend the Seventh Session of the Türkiye-Hungary High-Level Strategic Cooperation Council (YDSK).
Bolat emphasized that Türkiye is prepared to boost reciprocal investments with Hungary and expand collaboration across sectors such as contracting, defense, energy, logistics, and finance.
He pointed out that bilateral trade reached a historic high of $4.7 billion in the first 11 months of the year and is on track to exceed $5 billion by year’s end.
Bolat further stated that trade between the two countries is expected to grow to over $6 billion in 2026, advancing in a balanced and sustainable way.
During the meeting, Bolat and Szijjártó explored ways to expand mutual investments, deepen collaboration in banking and finance, enhance logistics and supply chain security, and increase joint contracting efforts abroad.
Bolat noted that Szijjarto adopted a constructive stance on the need for more transit and bilateral transport permits for Turkish carriers, in line with the growing trade volume.
Türkiye also expressed satisfaction with Turkish contractors completing 74 projects valued at $2.4 billion in Hungary, and both sides agreed that this cooperation could be extended to Africa, Ukraine, and countries within the Organization of Turkic States (OTS).
Bolat also stressed the significance of institutional frameworks, citing the Ninth Term Meeting of the Türkiye-Hungary Joint Economic Commission (KEK) held in Türkiye this year, as well as the upcoming Second Meeting of the Economic and Trade Joint Committee (JETCO) scheduled to take place in Hungary next year.
The ministers also reviewed common priorities concerning the European Union.
Bolat expressed Türkiye’s gratitude for Hungary’s strong backing in efforts to modernize the Customs Union.
He mentioned that both sides discussed measures to address unfair visa practices and delays in work permit procedures affecting Turkish entrepreneurs.
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