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CIB Ecodemia-János Martonyi: Competing Free Trade Agreements

János Martonyi, former Minister of Foreign Affairs, gave a lecture on 29th June at the Faculty of Economics and Business Administration

As the first guest of the two week long CIB ECOdemia Summer University, János Martonyi gave a lecture entitled “Competing Free Trade Agreements”. Monday's lecture focused on the proposed free trade agreement between the European Union and the United States and its effects on Hungarian businesses. According to János Martonyi, a competition has been evolved in the world of free trade agreements between the different countries. Unlike former multilateral commercial contracts, these agreements are more widespread. These contracts are generally beneficial to both sides and contribute to economic growth. Moreover, another advantage is the increase of employment, and the consumer needs are also satisfied in a wide range. Arguments of values and ideologies have been evoked against these contracts. Such values ​​may include sustainable development and environmental protection, which oppose some or all of the points in the contracts. The core statement of the lecture says "Trade is good", suggesting that we should not be afraid of these trade agreements since they trigger generally favourable processes in economy. According to Mr Martonyi, fears and negative expectations are exaggerated because they will cause neither a miracle nor a tragedy.

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