The Armenian government, at its Cabinet meeting Thursday, approved the economic cooperation agreement with the Hungarian government.

The explanation for the respective decision states that this agreement provides an opportunity to develop and deepen long-term economic relations between the two countries on the basis of equality and mutual benefit in domains of cooperation of mutual interest.

The agreement is aimed at developing mutually beneficial cooperation between the two countries, creating favorable conditions for expanding economic ties, increasing business activity, and utilizing the potential of the two countries in economic cooperation.

The agreement provides also for the establishment of a joint intergovernmental economic commission between Armenia and Hungary.