For the first time,the trade agreement was signed between Iran and Hungary in 1952  which provided a basis for the trade relations between two countries in the coming years.

By signing of the JCPOA agreement in 2015 and following positive attitudes of the European countries towards enhancement of the economic cooperation with Iran, H.E.Mr.Victor Orban,Prime Minister of Hungary along with a high ranking political and economic delegation traveled to Tehran on the same year.This trip provided necessary grounds to create opportunities for the economic relations between the two countries.

As a tangible result, the First Joint Economic Commission was held on February 2017 in Budapest and some important agreements including: Avoidance of Double Taxation, and Promotion and Reciprocal Protection of Investments, were signed by two sides.According to the existing information, the trade volumes have been on the rise since 2016 but from the second quarter of 2018, its trend has been faced some slowdown.