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Budapest, Hungary. Dr. Liam Fox MP held talks in Budapest. Photo: MTI

Hungary and its economy have “every chance to be one of the winners of an emerging new world economy”, the foreign minister said after talks with Liam Fox, Britain’s former secretary of state for international trade, in Budapest on Monday.

Speaking at a joint press conference after the meeting, Péter Szijjártó said that a new economic system must dismantle restrictions and ensure free and fair trade which would allow Hungarian businesses to compete without restrictions.

This is why the World Trade Organization (WTO) should have a leader at its helm who filled a top position in his home country and gained sufficient experience in politics, he said, adding that Liam Fox was such a politician.

Szijjártó noted that

Fox was visiting five European capitals as a nominee for the top WTO position,

and “his trip to Budapest questions suggestions about the Hungarian diplomacy’s isolation”. He also added that

the Hungarian economy was “one of the most open economies in the world” and the country’s weight in global trade is “above the level justified by the size of its population”.

The coronavirus epidemic has accelerated a “new and sharp global competition”, in which Hungary needs to replace all lost jobs to become a winner in a “new economic world order”. Szijjártó added that the government and businesses have joined forces to that end.

Fox told the press conference that WTO is a key player in shaping global trade, but is currently grappling with serious problems of a political nature. The future of world trade is free trade, and this is what the WTO must work for, too, the politician said. He said

he shared the Hungarian position calling for a free market, which he said should be ensured in the future.

Free trade is crucial for welfare and security, too, he added.

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Source: MTI

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