Armenia today approved a draft economic agreement with Hungary that focuses on the pharmaceutical, tourism, energy, transport and logistics sectors.

The volume of exports from Armenia to Hungary in the first half of 2023 was a paltry US$ $260,000, increasing to $610,000 in the same period of 2024.

Armenia imported $15 million worth of goods from Hungary in the first half of 2023 and $14.8 million in the same period of 2024.

Diplomatic relations between Armenia and Hungary were restored in 2022 after a ten-year suspension. Armenia suspended relations with Hungary in 2012, when Hungary extradited Azerbaijani officer Ramil Safarov, who was sentenced to life imprisonment by a Hungarian court for the 2004 axing of Armenian officer Gurgen Margaryan in Budapest.

In 2024, the Armenian government approved a draft bill to have an embassy in Hungary.

A joint economic intergovernmental commission will be established to coordinate and promote bilateral trade and economic cooperation between the two nations

Photo: Armenian Foreign Minister Ararat Mirzoyan (right) and his Hungarian counterpart Péter Szijjártó /mfa.am