Statement by Press Secretary Fitzwater on the Renewal of the Hungary-United States Trade Agreement

The President has renewed the bilateral trade agreement between the United States and the Republic of Hungary. Under the agreement, which went into effect in 1978, the United States and the Republic of Hungary grant each other most-favored-nation tariff treatment. The President based his decision on, among other criteria, a satisfactory balance of concessions in trade and services between the two countries during the life of the agreement.

The administration will seek further negotiations in the near future with the newly elected Hungarian government on investment matters, intellectual property protections, and other measures aimed at increasing trade and business contacts between the two countries.

In renewing the bilateral trade agreement with Hungary, the President reaffirmed support for the Republic of Hungary's commitment to market mechanisms and the country's continued movement toward trade liberalization and nondiscriminatory practices with her trading partners.