A fair trade agreement between Taiwan and Hungary will level the economic playing field and ensure both sides remain committed to the principles of free market competition, according to the Cabinet-level Fair Trade Commission Nov. 11.
The agreement comprises 10 articles stipulating cooperation, counseling, enforcement, negotiation and the exchange of confidential information, the commission said. It was inked Oct. 25 and took effect immediately.
After years of bilateral exchanges, Taiwan and Hungary elected to conclude the agreement as both sides share similar views on combating activities that affect fair trade. Such violations include price collusion by firms in strategic industries and dividing business areas, the commission said.
The agreement is expected to further strengthen the commission’s relationships with fair trade authorities in Europe and the U.S. Hungary joins Australia, Canada, France, Mongolia and New Zealand in signing such a pact with Taiwan. (JSM)
Write to Elaine Hou at elainehou@mail.gio.gov.tw