George H.W. Bush: “Exports to Hungary May 1, 1992 We welcome the decision by the Coordinating Committee of Multilateral Export Controls…”

“Exports to Hungary May 1, 1992 We welcome the decision by the Coordinating Committee of Multilateral Export Controls (COCOM) to remove Hungary from the list of proscribed destinations, effective today. COCOM's action is part of the ongoing efforts to liberalize COCOM controls in light of our dramatically changed world. Hungary is the first country ever to be removed from the COCOM list. This is a tribute to Hungary's democratic transition and its adoption of safeguards on the use or transfer of controlled technologies. The U.S. cooperated closely with Hungary in the design and implementation of its export control safeguard system. As a consequence of COCOM's decision, Hungary will have access to more sophisticated levels of Western technology that are important to its economic modernization. U.S. exporters will benefit from the relaxation of these licensing restrictions on exports to Hungary.”