WTO chief commends Hungary's economic neutrality approach

The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has highly praised Hungary's successful strategy of economic neutrality, which is built on rejecting sanctions and ideological approaches in trade, Report informs citing the Facebook post by Hungary's Minister of Foreign Affairs and Trade, Péter Szijjártó.

"We are defending ourselves against the extremely dangerous sanctions-based policy [of the European Union] with a strategy of economic neutrality," stated Szijjártó. "The WTO Director-General highly appreciated our approach, the strategy of economic neutrality, and most importantly, congratulated us on the results we have managed to achieve despite the extremely unfavorable economic situation in Europe."

Szijjártó emphasized that the free functioning of world trade and the global economy has recently become virtually impossible due to unilateral sanctions imposed by individual countries, primarily EU member states. These sanctions have caused "extraordinary damage, especially to those countries that are deeply integrated into the cycle of world trade and the global economy," which also includes EU countries.

"It is high time for the European Union to finally abandon its policy of sanctions and restrictions," the minister noted. "It is time to understand the incredible damage that sanctions and restrictions have caused and continue to cause to the European economy, including the economies of member states."