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State secretary highlights importance of V4 cooperation in competition law

Cooperation among the four Visegrad Group countries based on mutual respect is more important today in all areas of the economy including competition law, the Hungarian foreign ministry's state secretary said addressing the V4 Competition Law Conference in Budapest on Wednesday.

The V4 countries are at the forefront of a global competition for investment with all of them listed among the top 12 investment destinations, Tamas Vargha told the event.

Hungary’s trade turnover with its other three V4 partners of the Czech Republic, Poland and Slovakia last year amounted to 35.5 billion euros which provides a solid base for their cooperation, Vargha said.

The state secretary highlighted the importance of acting in unity to provide help to Ukraine and in tackling migration.

“When there is a crisis caused by a pandemic and a war, stable relations gain importance which is why one of the main goals of Hungary’s current V4 presidency is to strengthen the region economically,” said Vargha.

He underlined the importance of active cooperation between the V4 countries in the area of competition law to allow the investigation of violations in cross-border investments, joint ventures and outsourcing, noting that unfair market practices had become increasingly common.

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