Doing Business in Hungary

The objectives of the subject “International Trade and Business in” Hungary” are the following:

1. To analyze the Hungarian Economy and International Trade;
2. To know the business opportunities in the Hungarian Market;
3. To analyze the trade relations of Hungary with the country of the student;
4. To know the Free Trade Agreements of Hungary as a member of the European Union;
5. To develop a business plan for the Hungarian Market.

The Subject “Foreign Trade and Business in Hungary” belongs to the following Online Higher Educational Programs taught by EENI Global Business School:

Doctorate (DIB): European Business, World Trade.

Masters (MIB): International Business, Foreign Trade.

Learning materials in + Hungría Hongrie Hungria.

1. Credits of the Subject “International Trade and Business in” Hungary”: 1 ;
2. Duration: one week.

1. Pan-European Corridor II;
2. Pan-European Corridor IX;
3. Baltic-Adriatic Transport Corridor.

Hungarian Preferential Access and Free Trade Agreements:

1. Hungary and the European Economic Area;
2. European Union
   1. European Single Market;
   2. EU Services Directive;
   3. European Digital Single Market;
   4. European Customs Union;
   5. As a member of the European Union, Hungary is a beneficiary of the EU Free trade agreements.
3. Central European Initiative (CEI);
4. Regional Cooperation Council (RCC);
5. Council of the Baltic Sea States (CBSS) (observer country);
6. Organization of the Black Sea Economic Cooperation (observer country);
7. Cooperation Council of Turkic Speaking States (Turkic Council) (observer country).

1. World Trade Organization (WTO)
   1. WTO General Agreement on Trade in Services (GATS);
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS);
   3. WTO Agreement on Technical Barriers to Trade (TBT);
   4. WTO Agreement on Preshipment Inspection (PSI);
   5. WTO Agreement on Safeguards (SG);
   6. WTO Trade Facilitation Agreement (TFA).
2. World Customs Organization (WCO)
   1. Revised Kyoto Convention (RKC).
3. International Convention on the Harmonization of Frontier Controls of Goods (UNECE);
4. Uniform Rules concerning the Contract of International Carriage of Goods by Rail (CIM, CIT);
5. Convention concerning International Carriage by Rail (COTIF);
6. International Bureau of Containers and Intermodal Transport (BIC);
7. International Civil Aviation Organization (ICAO, Chicago Convention);
8. International Maritime Organization (IMO)
   1. International Convention for Safe Containers (CSC);
   2. Convention Relating to Temporary Admission (Istanbul Convention).
9. Customs Convention on Containers (CCC, UN);
10. Convention on the Carriage of Goods by Sea (Hamburg Rules, UN);
11. International Road Transport Union (IRU)
    1. TIR Convention;
    2. Guidelines on Safe Load Securing for Road Transport.
12. Convention on the Contract for the International Carriage of Goods by Road (CMR, UN);
13. Organization for Cooperation between Railways (OSJD);
14. International Chamber of Commerce (ICC).

European Trade and Economic Organizations:

1. European Union
   1. Group of States of the European Council Convention against Corruption (GRECO);
   2. European Central Bank;
   3. European Investment Bank (EIB);
   4. European Bank for Reconstruction and Development.
2. Economic Commission for Europe (UNECE);
3. Organization for Security and Cooperation in Europe (OSCE).

Global Organizations:

1. Asia-Europe Meeting (ASEM);
2. Organization for Economic Cooperation and Development (OECD)
   1. OECD anti-corruption measures.
3. International Monetary Fund (IMF);
4. World Bank (WB);
5. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD);
   2. International Trade Centre (INTRACEN);
   3. Commission on International Trade Law (UNCITRAL);
   4. World Intellectual Property Organization (WIPO).
6. World Trade Organization (WTO);
7. Community of Portuguese Speaking Countries (observer country).

Hungary (Europe).

1. Hungarian Capital: Budapest;
2. Official Language: Hungarian;
3. Hungarian Area: 93,028 square kilometers;
4. Hungarian Population: 9.9 million people;
5. Type of Government: Democratic Parliamentary Republic;
6. Borders of Hungary: Slovakia, Ukraine, Romania, Serbia, Croatia, Slovenia and Austria.

Religion in Hungary: Catholicism (Christianity).

Hungary belongs to the Western Civilization (European Economic Area).

Economy of Hungary.

1. Hungary is a moderate-high growing economy;
2. Hungarian GDP (nominal): 132,276 million dollars;
3. The private sector generates about 80% of the Hungarian GDP;
4. GDP per capita of Hungary: USD 13,200;
5. Currency of Hungary: Hungarian Forint;
6. Hungary is a member of the European Union since 2004;
7. Hungary attracts ten million tourists every year;
8. Hungarian automotive sector is increasingly important. Brands like Audi, Mercedes, GM-Opel or Suzuki have factories in Hungary;
9. Hankook tire company is also in Hungary;
10. Hungary is the main hub for mobile phones production in the European Union;
11. Main Hungarian products: building materials, processed foods, textiles, chemical and pharmaceutical products, cars.

Hungarian Foreign Trade

1. The main Hungarian Exports are machines, equipment, foods, raw materials;
2. Top Hungarian Export Markets are Germany (28%), Italy, France, Austria, Romania, the United Kingdom, Slovakia, Poland;
3. The main Hungarian Imports are machinery, raw materials, manufactured products;
4. Top suppliers of Hungary: Germany (27%), China, Austria, Italy;
5. As a member of the European Union, Hungary is a beneficiary of the EU Free trade agreements with Moldova, Ukraine, South Korea, India, Mexico, Georgia, Egypt, Jordan, Lebanon...

(c) EENI Global Business School (1995-2023)
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