Orban Proposes Significant Agreement with US
Budapest and Washington are in the process of negotiating an economic agreement, as Hungarian Prime Minister Viktor Orban aims to enhance US investment in Hungary. Read Full Article at RT.com.
TroibNews 
Hungary is set to finalize a major economic agreement with the United States, as announced by Prime Minister Viktor Orban. The EU nation has been actively seeking closer relations with Washington, particularly in light of former President Donald Trump's threats to impose tariffs on European goods.
During an interview with state-controlled Kossuth Radio on Friday, Orban pointed out that Chinese investments in Hungary had exceeded those from the US during Joe Biden's administration. He emphasized the need to rectify this imbalance.
According to Hungarian Foreign Minister Peter Szijjarto, China emerged as the largest foreign investor in Hungary in 2024, accounting for nearly half of the total investment for the year. Figures for US investments were not immediately available. Official data also indicated that in 2023, China was Hungary’s largest trading partner outside the EU, with bilateral trade hitting $14.5 billion, whereas US-Hungary trade was around $13.9 billion.
"We are preparing to make an economic deal of significant size and seriousness with America. I agreed with President Trump even before he was elected that there would be such a deal,” Orban stated, as reported by local media.
In line with Orban’s strategy, Hungarian MP Tamas Menczer, a senior figure in the ruling Fidesz party, remarked that the growing partnership between Orban and Trump serves as “a mirror for Brussels,” revealing its “failures.”
Hungary's government has been making strides toward strengthening economic connections with the US. Earlier this year, a ministerial commissioner was appointed to enhance investment and business relations with America. Discussions are also underway for a new double taxation agreement to prevent tax obligations in both countries; the previous agreement was unilaterally terminated by the US in 2022.
Furthermore, Orban has stressed Hungary's commitment to its economic sovereignty. In September, he outlined an “economic neutrality” strategy, asserting the nation’s intention to engage in mutually beneficial economic relations based on its own interests.
Despite Ukraine-related sanctions imposed by the EU and US, Budapest has sustained its ties with Russia. The Orban administration has continued its energy cooperation with Moscow, securing long-term contracts for natural gas imports while opposing EU sanctions on Russian energy, arguing that such measures would adversely affect Hungary's economy and energy security.
Orban's announcement coincides with Trump's proposals for tariffs on EU goods, citing trade imbalances and perceived unfair business practices. Trump has also shown a preference for engaging with individual EU member states rather than the EU as a whole, as evidenced by the absence of union-wide officials at his recent inauguration—Italian Prime Minister Giorgia Meloni was the only EU leader present.
Aarav Patel contributed to this report for TROIB News
During an interview with state-controlled Kossuth Radio on Friday, Orban pointed out that Chinese investments in Hungary had exceeded those from the US during Joe Biden's administration. He emphasized the need to rectify this imbalance.
According to Hungarian Foreign Minister Peter Szijjarto, China emerged as the largest foreign investor in Hungary in 2024, accounting for nearly half of the total investment for the year. Figures for US investments were not immediately available. Official data also indicated that in 2023, China was Hungary’s largest trading partner outside the EU, with bilateral trade hitting $14.5 billion, whereas US-Hungary trade was around $13.9 billion.
"We are preparing to make an economic deal of significant size and seriousness with America. I agreed with President Trump even before he was elected that there would be such a deal,” Orban stated, as reported by local media.
In line with Orban’s strategy, Hungarian MP Tamas Menczer, a senior figure in the ruling Fidesz party, remarked that the growing partnership between Orban and Trump serves as “a mirror for Brussels,” revealing its “failures.”
Hungary's government has been making strides toward strengthening economic connections with the US. Earlier this year, a ministerial commissioner was appointed to enhance investment and business relations with America. Discussions are also underway for a new double taxation agreement to prevent tax obligations in both countries; the previous agreement was unilaterally terminated by the US in 2022.
Furthermore, Orban has stressed Hungary's commitment to its economic sovereignty. In September, he outlined an “economic neutrality” strategy, asserting the nation’s intention to engage in mutually beneficial economic relations based on its own interests.
Despite Ukraine-related sanctions imposed by the EU and US, Budapest has sustained its ties with Russia. The Orban administration has continued its energy cooperation with Moscow, securing long-term contracts for natural gas imports while opposing EU sanctions on Russian energy, arguing that such measures would adversely affect Hungary's economy and energy security.
Orban's announcement coincides with Trump's proposals for tariffs on EU goods, citing trade imbalances and perceived unfair business practices. Trump has also shown a preference for engaging with individual EU member states rather than the EU as a whole, as evidenced by the absence of union-wide officials at his recent inauguration—Italian Prime Minister Giorgia Meloni was the only EU leader present.
Aarav Patel contributed to this report for TROIB News
