The Philippines and Hungary convened for the 6th Joint Commission on Economic Cooperation (JCEC) meeting from December 2 to 3, 2024, with a renewed focus on realizing untapped export opportunities in machinery, electronic equipment, and horticulture.
Co-chaired by Department of Trade and Industry (DTI) Undersecretary for International Trade Allan B. Gepty and Ministry of Foreign Affairs and Trade Deputy State Secretary for External Economic Relations Katalin Bihari, the meeting highlighted the steady growth of bilateral trade relations while exploring new avenues for economic collaboration.
Both countries emphasized their shared commitment to tapping the full potential of key sectors, particularly machinery, electronic equipment, and horticulture, to enhance their trade and economic ties.
“It is good to note that from the time the JCEC was established, we have seen not just an increase in bilateral trade between the Philippines and Hungary but also active engagement of the private sector, including the establishment of the Philippines-Hungary Business Council,” Undersecretary Gepty said.
To further strengthen their partnership, the two nations agreed to cooperate across areas such as trade and investment, agriculture, water management, scientific research, information and communication technologies, space science and technology, energy, education, labor, and social security. These efforts are expected to gain additional momentum through mechanisms like the JCEC and the anticipated Philippine-European Union Free Trade Agreement.
A business forum organized by the Board of Investments and the Hungarian Embassy in Manila ran alongside the JCEC meeting, bringing together Filipino and Hungarian delegates from sectors such as electronics, agribusiness, transportation, startups, healthcare, and information technology. This event provided a platform for dialogue and networking to align economic priorities and foster collaboration.
“Since the establishment of the JCEC, the active involvement of the private sector has played a significant role in deepening our bilateral relationship. The Philippines-Hungary Business Council will further enhance industry collaboration and commercial exchanges,” Gepty added.
The Philippines and Hungary have achieved notable outcomes from their partnership, including market access solutions, education programs through the Stipendium Hungaricum scholarship, joint agricultural research, and the deployment of water treatment technologies to typhoon-affected areas in the Philippines.
The recent discussions reaffirmed both nations’ commitment to expanding their bilateral ties and unlocking untapped export potential, signaling a shared vision for deeper and more productive cooperation.
