INTRODUCTION: In Budapest, the Hungarian and U.S. economic and commercial mixed commission held its third session on Tuesday (12 May) to discuss the renewal of a three-year trade agreement which is due to expire in July this year.
GV PAN EXTERIOR Hungarian Ministry for Foreign Trade.
SV ZOOM INTO CU PAN & PULL BACK William Morris (on left) and Istvan Torok signing and exchanging agreements.
SV The two men finish signing and shake hands.
SV Officials from both countries stand and watch.
SV William Morris speaking and is applauded and shakes hands with Torok.
SPEECH ON FILM (TRANSCRIPT)
SEQ. 5: MORRIS: "What we have done in this short period of time helps us to continue strong economic and commercial ties with Hungary. I look forward to our continued relationship and look forward to our personal friendship. I thank you and the Hungarian government for the initiative that you have made and for the successes that we have had in continuing our commercial and economic relationships with your country. Thank you very much."
Script is copyright Reuters Limited. All rights reserved
Background: INTRODUCTION: In Budapest, the Hungarian and U.S. economic and commercial mixed commission held its third session on Tuesday (12 May) to discuss the renewal of a three-year trade agreement which is due to expire in July this year.
SYNOPSIS: The two delegates met at the Hungarian Foreign Ministry. The U.S. delegation leader Assistant Secretary of Trade William Morris, and the Hungarian delegation leader, Under-Secretary of State for Foreign Trade Istvan Torok, signed a protocol expressing readiness to renew the current three-year trade agreement which expires on the 7th July this year. The two delegations also discussed ways of further expanding trade.
Foreign trade accounts for half Hungary's national income, but rising world commodity prices and economic uncertainty in the West has hit Hungary hard. The country needs imported western technology to boost its productivity and increase its exports, but inflation has put many forms of technology out of its reach.
However despite these problems, both sides noted that trade between the two countries had increased over the past three years and were hopeful that it would continue to do so. William Morris expressed his satisfaction with the progress of the talks.