Eurasian free trade area in Hungary, Europe’s interest, says foreign minister in Slovakia

Revisiting the concept of a Eurasian free trade area is in the interests of Hungary and Europe as a whole, the foreign minister said in Bratislava (Pozsony) on Monday.

Péter Szijjártó participated in a meeting focusing on trade, energy affairs and security issues attended by the foreign ministers of the Visegrad Group, the Eastern Partnership countries and Romania, which holds the European Union’s rotating presidency.

Szijjártó said it was “clearly in Europe’s interest” to develop close cooperation with the most important global economic players, adding this meant that the continent should revisit the idea of establishing a Eurasian free trade area which would also serve Hungary’s economic interests.

Hungary has annual trade turnover of 1,300 billion forints (EUR 4bn) with the six countries of the Eastern Partnership, Szijjártó said, adding that the fewer bureaucratic obstacles they faced the better.

He said the concept of a European free trade area had emerged years ago, adding that “with China’s Belt and Road initiative setting the pace of changes in the global economy” it was time for the idea to be put back on to the agenda.