Officials from the U.S. and Hungary Engage in Talks on Economic Collaboration and Sanctions Strategy
Treasury Secretary Scott Bessent and Foreign Minister Péter Szijjártó convene to discuss economic relations between their countries and the sanctions impacting Hungary's energy security.
On February 19, 2025, U.S. Treasury Secretary Scott Bessent held an introductory meeting in Washington, D.C., with Hungarian Foreign Minister Péter Szijjártó to discuss their common economic and national security priorities.
The talks highlighted the significance of the U.S.-Hungary relationship and the necessity for ongoing collaboration, particularly in the current European milieu.
A substantial part of the conversation centered on the impact of existing sanctions on Hungary's energy sector.
Minister Szijjártó raised concerns about the restrictions imposed during the previous U.S. administration, which he claimed negatively impacted Hungary's energy security and economic interests.
Specific issues discussed included sanctions affecting the modernization of Hungary's Paks nuclear power plant and the construction of a crude oil pipeline linking Hungary and Serbia.
Minister Szijjártó expressed optimism for progress in addressing these sanctions, stressing their harmful effects on Hungary's energy infrastructure.
The meeting also tackled the prior U.S. administration's termination of the double taxation avoidance agreement.
Minister Szijjártó outlined the difficulties this posed for U.S. firms investing in Hungary and advocated for the restart of negotiations to create a new agreement.
Secretary Bessent acknowledged this request, mentioning the recent transition in U.S. administration and indicating that tax and economic policy matters are currently being examined.
Both officials voiced their opposition to the global minimum tax initiative.
Minister Szijjártó recalled Hungary's earlier attempts to halt its implementation, while Secretary Bessent confirmed that the current U.S. administration shares this view.
This shared perspective indicates the potential for increased economic collaboration between the two countries.
Moreover, Secretary Bessent praised Hungary's economic achievements, specifically its efforts to manage inflation and attract significant investments.
He noted the vital role of American companies in Hungary, which together employ over 100,000 Hungarian workers.
This recognition illustrates the strong economic ties and mutual benefits stemming from their bilateral relationship.
In a related development, Hungarian Prime Minister Viktor Orbán announced intentions to seek a substantial economic agreement with the United States.
He stressed the need to correct the disruptions in economic relations caused by prior policy choices and expressed a willingness to strengthen bilateral ties.
Prime Minister Orbán pointed out that such an agreement would not only restore past connections but also pave the way for new opportunities for collaboration.
These discussions and initiatives signify a dedicated effort by both the U.S. and Hungarian governments to bolster economic relations and tackle issues stemming from previous policy decisions.
The emphasis on resolving concerns related to sanctions and taxation highlights a shared commitment to nurturing a stronger and more cooperative bilateral partnership.
The talks highlighted the significance of the U.S.-Hungary relationship and the necessity for ongoing collaboration, particularly in the current European milieu.
A substantial part of the conversation centered on the impact of existing sanctions on Hungary's energy sector.
Minister Szijjártó raised concerns about the restrictions imposed during the previous U.S. administration, which he claimed negatively impacted Hungary's energy security and economic interests.
Specific issues discussed included sanctions affecting the modernization of Hungary's Paks nuclear power plant and the construction of a crude oil pipeline linking Hungary and Serbia.
Minister Szijjártó expressed optimism for progress in addressing these sanctions, stressing their harmful effects on Hungary's energy infrastructure.
The meeting also tackled the prior U.S. administration's termination of the double taxation avoidance agreement.
Minister Szijjártó outlined the difficulties this posed for U.S. firms investing in Hungary and advocated for the restart of negotiations to create a new agreement.
Secretary Bessent acknowledged this request, mentioning the recent transition in U.S. administration and indicating that tax and economic policy matters are currently being examined.
Both officials voiced their opposition to the global minimum tax initiative.
Minister Szijjártó recalled Hungary's earlier attempts to halt its implementation, while Secretary Bessent confirmed that the current U.S. administration shares this view.
This shared perspective indicates the potential for increased economic collaboration between the two countries.
Moreover, Secretary Bessent praised Hungary's economic achievements, specifically its efforts to manage inflation and attract significant investments.
He noted the vital role of American companies in Hungary, which together employ over 100,000 Hungarian workers.
This recognition illustrates the strong economic ties and mutual benefits stemming from their bilateral relationship.
In a related development, Hungarian Prime Minister Viktor Orbán announced intentions to seek a substantial economic agreement with the United States.
He stressed the need to correct the disruptions in economic relations caused by prior policy choices and expressed a willingness to strengthen bilateral ties.
Prime Minister Orbán pointed out that such an agreement would not only restore past connections but also pave the way for new opportunities for collaboration.
These discussions and initiatives signify a dedicated effort by both the U.S. and Hungarian governments to bolster economic relations and tackle issues stemming from previous policy decisions.
The emphasis on resolving concerns related to sanctions and taxation highlights a shared commitment to nurturing a stronger and more cooperative bilateral partnership.
