Their economies are in a phase of change, with growing emphasis being laid on research and development, and the sectors with high value added. “As both countries can significantly profit from developing political cooperation, we have decided to reopen the Hungarian embassy which had been closed in 2006,” the minister said.

It is in both countries’ interest to speed up progress towards free trade, he said. A temporary free trade agreement has been in force between Peru and the EU since 2013. Hungary ratified the agreement in the same year, Szijjártó said. “It is in our interest that every member country should do so as soon as possible, making it possible for the agreement to be fully implemented,” he added.

An agreement will be concluded in the near future to enable 20 students from Peru to study in Hungary on scholarship from next September. Under another agreement signed on Wednesday, Peru will allow Hungarian water management, pharmaceuticals, defence industry and border protection technologies to enter its market.

Hungary backs Peru’s admission to the OECD and the two countries support each other’s candidacy efforts in the UN. Both countries are dedicated to the fight against terrorism, Szijjártó said.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: KKM