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1.Signed on September 10,2013 Entered into force on September 10,2013
The Taipei Representative Office in Hungary and the Hungarian
Trade Office in Taipei (hereinafter referred to as the ‘
Parties ’ ),

Desiring to further develop the diverse relationships between
the Parties;

Taking into consideration their mutual interest towards
deepening and expanding the bilateral economic and technological

Intending to ensure favorable conditions for the direct
cooperation between the business, research and development,
education and training sectors of their economies;

Convinced that regular consultations between Taiwan's Ministry
of Economic Affairs and Hungary ’ s Ministry for National
Economy will provide a suitable framework and basis for fruitful

have agreed as follows:

Article 1
The Parties, considering the current state and perspective of
economic relations, shall promote diverse and mutually favorable
cooperation in the fields of economy, agriculture, research and
development, education and training.

Article 2
Within their scope of authority the Parties:
- shall promote the exchange of information in accordance with
their respective domestic legislation on the major directions
of preference developments and shall stimulate business
circles to take part in the implementation of joint projects;
- shall promote investments, the foundation of joint ventures,
as well as the establishment of company representations and
affiliated companies in the partnering territories;
- shall facilitate the relations and cooperation among
industrial and business associations, research and development
institutes, as well as education and training institutes;
- shall inspire the exchange of relevant information of mutual
interest, as well as the cooperation of service providers in
the area of marketing, counselling and expert services;
- shall encourage meetings of the Parties ’ representatives and
of economic and technical experts, as well as exchange of
- shall support the operation of the Taiwan – Hungary Joint
Business Council that was established by the collaboration of
the Hungarian Investment and Trade Agency and the Chinese
International Economic Cooperation Association of Taiwan;
- shall promote the participation at fairs and exhibitions, as
well as the organization of seminars, symposia and
- shall contribute to a growing role to be played by small and
medium sized enterprises in the area of bilateral economic
- shall facilitate the establishment of relations, as well as
the extension of cooperation, between financial and credit
institutions enrolled in their territories.

Article 3
In order to harmonise their cooperation, to control the
execution of this Memorandum of Understanding, to discuss issues
of mutual interest and to assign new directions of cooperation,
the Parties agree to initiate the setting up of an
Inter-Ministerial Working Group. The Working Group would be
co-chaired by designated members from Taiwan's Ministry of
Economic Affairs on the one hand, and from Hungary ’ s Ministry
for National Economy on the other. Members of the Working Group
would be included experts from the aforementioned ministries.
Depending on the agenda, representatives from other Hungarian
and Taiwanese ministries or government organisations may also be
invited to the sessions of the Inter-Ministerial Working Group.
The Working Group would meet on a regular basis, preferably once
a year, alternatively in Hungary and Taiwan.

The contact points for the communication related to the
implementation of this Memorandum of Understanding shall be:

Economic Division of the Taipei Representative Office in Hungary
(address: Rakoczi ut 1-3., H-1088 Budapest, Hungary; phone: +36
1 266 5154; e-mail:

the Hungarian Trade Office in Taipei (address: 3F, No. 97,
Jingye 1st Rd, Taipei 10462, Taiwan; phone: +886 2 8501 1200;

Article 4
Unless otherwise agreed in advance with mutual consent, the
Parties shall each bear their own costs related to the
implementation of activities within the framework of this
Memorandum of Understanding.

Article 5
The Parties, acting in accordance with the principle of mutual
benefits, shall implement their cooperation within the framework
of their respective domestic legislation. The Parties shall
inform each other about any changes in their respective domestic
legislation that may affect the implementation of this
Memorandum of Understanding.

The provisions of the Memorandum of Understanding shall in no
way affect or prejudice the rights or obligations of the signing
Parties arising from their involvement in international treaties
and agreements, including rights or obligations arising from
membership in the European Union.

Article 6
This Memorandum of Understanding is concluded for an indefinite
period of time and it shall enter into force on the day of its
signature by both Parties.

This Memorandum of Understanding may be amended or complemented
by mutual consent of the Parties.

This Memorandum of Understanding may be terminated by either
Party in writing, and it shall expire after six months from the
date of receiving the written notification.

In witness whereof the undersigned, being duly authorized
thereto, have signed this Memorandum of Understanding.

Done and signed in Budapest, on the 10th day of september 2013,
in two originals in English.

For the Taipei For the Hungarian Trade
Representative Office in Office in Taipei

Kao Liau, Marietta Levente Szekely