P. M. BRIEFING : U.S. Offers Most-Favored-Nation, Other Trade Benefits to Hungary
The Commerce Department announced today the United States is prepared to provide Hungary with a wide series of business and economic benefits, including permanent most-favored-nation trade status.
It would make Hungary the first Eastern European nation having such status, the department said.
In addition, Commerce Secretary Robert A. Mosbacher said the United States is prepared to improve tariff treatment of Hungarian products, extend development programs and create a $25-million fund to help create private business in the Marxist country.
“This step is an important part of implementing President Bush’s goal of building an American partnership with Hungary,” Mosbacher said in a statement following a meeting in Hungary with Hungarian Trade Minister Tamas Beck in Budapest. A copy was made available here.
“Such an agreement is fundamental for private sector business because it would contain investment protection guarantees which boost confidence and open the way to substantially increased U.S. private investment in Hungary,” Mosbacher said.
He said Beck agreed to open negotiations on the proposals.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
