Foreign minister: Hungary-Australia economic ties closer than ever
Economic ties between Hungary and Australia are closer than ever, with bilateral trade reaching a record-high 100 million dollars in the first two months of the year, Foreign Minister Péter Szijjártó said on Thursday.
Hungary firmly supports that a free trade agreement between the European Union and Australia be signed with no delay, Szijjártó said after a video conference with Australian counterpart Marise Payne.
“We expect Brussels not to slow down free trade negotiations during the pandemic either,” he added.
- Australian finance minister to resign because of his mother’s Hungarian citizenship?
- Rare and dangerous Australian newcomer at Debrecen Zoo
Szijjártó noted that under a recent contract Hungarian oil and gas company Mol will store 50 kilotonnes of Australian strategic natural oil reserves outside Australia. Talks are underway on increasing this volume, he added.
“This clearly demonstrates that international economic cooperation is worth developing even during the pandemic,” he said.
Despite the geographical distance between Hungary and Australia, the two countries are facing similar challenges, he said. The Australian government has also taken strict measures to flatten the curve of the novel coronavirus, and enabled its health services to cope with the pandemic. At present it is “cautiously easing the restrictions while strictly assessing the consequences”, he added.
Szijjártó said they agreed that nothing would be the same after the pandemic is over and that the consequences should be drawn.
“It must not be allowed in the upcoming period that an entire continent remains dependent on others in terms of production capacities for protective equipment” he said.
Source: MTI
please make a donation here
Hot news
Shocking: Forint in free fall, historic lows against the American dollar, GBP, CHF, PLN!
Snow covered Hungary this morning! – PHOTOS, VIDEOS
Grandiose railway development plan announced concerning the Great Hungarian Plains
Hope for a little boy battling the incurable disorder DMD: Dusán’s family seeks support for experimental treatment
Tourists and immigrants revitalise Budapest’s iconic region as 1/5th of shops change
Gaming mouse pads: a crucial accessory for precision and comfort
2 Comments
Delighted with this news.
Australian born, living as a resident in this beautiful historic City of Budapest, Hungary, welcomed over time by the friendliness of the Hungarian people, this developing relationship, can and must continue to grow and develop.
There is broad and wide scope for Hungary & Australia to be extremely close trading parties, across all aspects of there economy’s – commodities – industry & various others.
This is an opportunity to vastly accelerate this relationship, and presents Hungary & Australia, without over amounts of “red tape” to move forward to the betterment in the future for both these countries.
Stay Well -ALL.
China has declared war on Aussie Coal
Aussie coal market is a highly organised and regulated market.Aussie coal is to be bought by PRC,only for very high quality Coal in terms of UHV/Kcal.A bulk of the CIFFO rates of Aussie coal for PRC,is sea freight,in Break Bulk Ships.Even with deep draft ports,and even if Chinese ships are used on Time Charters – sea freight,is s a waste.
Therefore Aussie high grade coal,is to be used for high value added super critical applications, in PRC. Every ton of High Grade coal,is also a Call Option,to buy lower priced coal,and lower graded coal,for blending options,to reduce cost at point of usage.dindooohindoo
However,this is the time for the PRC to make acquisitions (in Africa and Borneo etc.) and long term contracts with Nil Call Option premiums.At this point,committed quantity contracts,will provide solvency and bank loans,for coal mines. Hence,there will be Nil Option premiums loaded into the coal pricing contracts for medium term purchases.
When coal prices boom,the PRC can mine the highest cost first,as a stripping strategy – with the strategic objective of bargaining with large coal suppliers,for residual coal supplies.This option is NOT there for the Koreans and Japanese.Of Course, the Koreans have their own bag of tricks.
Hence,the Aussies and Indonesians can price gouge the Koreans and Japanese (as they have no strategic mining reserves),and the PRC can avail of some of this price gouging – when it does its acquisition of coal,from the Aussies.Aussies price gouging on the Koreans,will work only if PRC mines acquired in Africa,do not flood Nippon,and so,the Aussies have to pay a toll to PRC,for the price gouged by the Aussies,from the Koreans and Japanese
After stripping the high cost coal – the Chinese coal suppliers can easily raise,VC or Bank capital.
When coal prices and freights are low – as it is,at this instant,it is better to do spot pricing – as the suppliers have no bargaining power.There is only a supply chain risk,due to production and logistics bottlenecks.
In these times there is no need to invest in building up infrastructure,as lack of infra,can be used to hammer down coal prices at rake point or the mine pit head.Indonesia is an example,which gets the highest FOB rates for exports to PRC.Small unorganised mines in Borneo,Sumatra,Java sell coal at less than half the FOB rates,as they want cash down payment,at mine pit head.
Cash = CASH.
This state is due to the poor infra in several areas.Hence poor infra can be used to buy coal at less than 40% of the FOB rates.Thereafter the coal is to be carted to the port.Hence,the aim is to keep the unorganised coal miners,as vulnerable as possible.
Ideally,PRC can set up a bank which can discount export documents,at coal mine pit head with Multimodal Bill of Lading,with a chinese company managing and coordinating the rakes and trucks,to the port,and the loading of the ship,at outer anchorage,via barges.
The Chinese companies can pay the miners in Cash.Generally,in Africa and Indonesia,the Military provides the security to the logistics movement,for a fee,of course.
Aussie mining is highly organsied and regulated and so,is very expensive.
In any case,wherever PRC is using coal for thermal power,for base load requirements,it can offset the coal with Nuke Power or Gas/Naptha.Super critical applications of coal,for PRC,are for those industries,where Coal is a RAW MATERIAL,and the quality and coal specifications,are stringent.
Indonesia is a good option for PRC,as the nation is run by Chinese.80% of the companies on the JKSE are owned, managed or controlled by chinese.The Indonesians know that their nation cannot defend its islands from the PLN.It is a Muslim nation,which is NOT likely ever to be a part of the QUAD.Most importantly,the nation relies on resources exports – and has no viable domestic manufacturing industry. Indonesia does NOT need coal,as it has geo thermal power,but not the skills or the money,to tap it.
Hence,it has LOW political risk at present – but,in the future,if the economy fails (which it will),demagogues will take over and ruin the economy further (but will uplift the poor).
Indonesia has history with Australia,and Aussie int has many spies in Jakarta,and the Aussies also supported and still supports,the separatists who want to secede,from Indonesia.
Aussies have to export coal in the form of power or urea or urea in agriculture.Exporting coal,per se,is not a viable option.Reduction in Chinese demand will also impair pricing power with the Japanese/Koreans and other buyers. There is some serious problem in the Aussie coal policy.Adani an Indian company fronting for Narendra Modi,is mining coal from Aussie and exporting it to India for power generation.So all the poison is left in Aussie land,and the real value addition in the coal value chain,is done in India,and the profit on that value addition,is not taxed in Aussie.Besides,the coal is sold by Adani Australia to Adani India,at a discounted rate.
What does that prove ? It means that the Aussie state could not convince any Aussie to do some value addition in Aussie land on that coal,to earn ANY PROFIT on the value addition (as the profit from power generation in India,is not taxed in Aussie land) This is AFTER considering the SEA FREIGHT,on the coal exported by Adani to India.
If that is the state of affairs – then the Aussie coal sector is doomed.The beauty is that Adani is generating power in India – and India is POWER SURPLUS and the power tarriffs for coal is 5-7 cents (on the USD). With captive coal and iron,if Aussies CANNOT add value to the Aussie coal – then the Aussies are in serious trouble.Someone might ask,Y Aussies did not offer 6 cents/Kwh for power sold from the power plant of Adani in Aussie land