Hungary will not support TTIP

Noam Stiekema

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 […]

Hungary TTIP

Hungary TTIPHungary 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.

Read this next

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<