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EAEU and Mongolia develop cooperation

EAEU and Mongolia develop cooperation

12/3/2019

On December 3, Moscow hosted a meeting of Tigran Sargsyan, Chairman of the Board of the Eurasian Economic Commission (EEC) and Ukhnaagiin Khurelsukh, Prime Minister of Mongolia. The sides exchanged views on the current state of trade and economic cooperation between Mongolia and the Member States.

The Prime Minister of Mongolia spoke about the dynamics of the country’s economic development, and also informed about some details of the negotiations with Dmitry Medvedev, Chairman of the Government of the Russian Federation, during which Ukhnaagiin Khurelsukh expressed interest in signing a free trade agreement between Mongolia and the EAEU Member States.

Tigran Sargsyan spoke about the current state of negotiations on concluding free trade area (FTA) agreements. In particular, he reported that agreements on a free trade area with Serbia and Singapore had already been signed, and an interim agreement leading to the formation of an FTA with Iran had entered into force. The Head of the EEC Board also informed the Prime Minister of Mongolia on the mechanisms for initiating negotiations on this issue.

It bears reminding that the interaction of the Commission and the EAEU countries with Mongolia is developing steadily. In 2015, a Memorandum of Cooperation was signed, within the framework of which meetings of the working group and industry-related events are regularly held both in Moscow and Ulan Bator.

In January-September 2019, the volume of trade between the EAEU countries and Mongolia increased by 12.9%. In 2018, trade turnover between the EAEU countries and Mongolia rose by 20% compared to 2017.

Nevertheless, the EAEU and Mongolia have unrealized potential for cooperation within the framework of the memorandum, including in some industry-related areas. To this end, on December 4, an Action Plan for 2020–2021 will be signed at the panel session “EAEU - Mongolia: Dynamics of Cooperation and Prospects for Interaction” to be held as part of the business forum “Russia-Mongolia. Doing business in the single EAEU market”.

The document covers a wide range of issues on cooperation areas of mutual interest, such as technical, antitrust regulation, trade, industry and agriculture, transport, energy, customs administration and others.

Moreover, the first EAEU-Mongolia business forum was held in 2017. The plans include holding another business forum. Such events are an effective tool for the formation and strengthening of ties between the countries’ entrepreneurs.​