OREANDA-NEWS. February 26, 2010. The document was signed by the Vice-Prime Minister, Minister of Economy Valerii Lazar and the Ambassador of Hungary to Moldova Gyorgy Varga, InfoMarket was informed at the press service of Moldova’s Ministry of Economy. The agreement will create favorable preconditions for establishment of principles of development of the mutually advantageous economic cooperation in all fields and sectors of economy according to the legislation of the two states, especially in investments and innovation activity.

After ratification and coming into forfe of the agreement, the practice of holding sittings of the Moldovan-Hungarian workgroup for economic cooperation and promotion of trade established in line with the protocol between the Ministry of Economy of Moldova and the Ministry of Foreign Affairs of Hungary singed on February 21, 2003 will be resumed. The last sitting of the workgroup was held in Budapest in 2005.

The volume of foreign trade of Moldova with Hungary in 2009 totaled USD 65.4 million. Hungary is on the 14th place among Moldova’s trade partners. Moldovan export to Hungary in 2009 totaled USD 13.2 million, down 24.6% in comparison with the previous year. Hungary is among the leading 15 countries of the world where Moldova exports its production.

Its share makes up 1.02% in the total volume of Moldovan export. Import of Hungarian goods to Moldova in 2009 totaled USD 52.2 million, down 28.6% compared to 2008. Hungary is among the leading 14 countries from which Moldova imports production. Its share makes up 1.59% of the total volume of Moldova’s import.