Hungary will not support TTIP

Hungary will not support TTIP. The free trade agreement between European Union and USA opened a lot of contentious and concerns. The Hungarian Prime Minister Viktor Orban told that he will not approve the TTIP if it violates the jurisdiction of the Hungarian courts in resolving commercial disputes. He also indicated that the main problem in this case is whether trade disputes will be resolved in the national courts or will be smuggled to another court outside Hungary.

“I can not support any agreement on free trade area, which would deprive the Hungarian legal system of jurisdiction in commercial disputes and will transfer powers in a remote and unknown to us a place where we will not have any chances or at least will not be able to rely on honest and fair decisions”, said Prime Minister in an interview with Hungarian radio.

Currently, the European Union and USA are negotiating the creation of a free trade zone and signing of the Transatlantic Partnership on Trade and Investment (TPTI – TTIP). The Agreement aims to create a transatlantic market of 800 million people and nearly half of the global economy, it aims to remove a large part of the duties that interfere with the movement of goods and services across the Atlantic, to reduce regulatory barriers in transatlantic trade and increased cross-border investment between USA and EU.

Orban also said that we must act carefully and warns that he personally is against the adoption of any transaction that violates the interests of Hungary. “The main issue, beyond how it will affect every sector, is whether the FTA will lead to refusal of Hungary part of its sovereignty”, he added.

TTIP negotiations started in July 2013, the parties aim to conclude a deal to remove barriers to business. Senior European politician said earlier in January he hoped agreement to be reached in early 2016.