The law was approved by Majlis on November 15 and was endorsed by the Guardian Council one month later.

The agreement consists one sole article, one Note and nine articles.

As per the agreement, the two countries will promote economic cooperation on the basis of mutual interest and reach consensus on various cases.

The two sides deem it necessary to promote and diversify economic cooperation based on national laws and international regulations.

The two sides are also committed to prepare the ground for long-term cooperation in various arenas including promoting infrastructures, transportation, automotive industry, water management, agriculture and food industries.

The two countries will work for boosting cooperation through various strategies, including exchanging information, forging new contacts and encouraging visits between trade delegations.

To ensure the implementation of the agreement, Iran-Hungary Joint Economic Commission will be held with the two countries in attendance.

Differences in interpretation can be solved through diplomatic channels and negotiations between the two sides.