Hungary, Russia seek to hike trade ties

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The Associated Press

BUDAPEST – Hungarian and Russian government officials agreed to find ways to improve trade, which has plummeted since the collapse of communism.

"We've put behind us the record low reached in 1999, which was a result of the financial crisis in Russia," said Peter Balas, Hungarian deputy secretary of state. But enterprises and banks are still cautious, and "the extension of credit remains a problem."

Roald F. Piskopel, Russian deputy minister of economic development and trade, said Moscow "wants to see trade reach its previous volume," referring to the 1990 level.