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Mongolia considering joining Eurasian Economic Union

Economy 30.08.2016 | 18:36

MOSCOW, 30 August (BelTA) - Mongolia is considering joining the Eurasian Economic Union (EEU), reads a press release by the press service of the Eurasian Economic Commission (EEC) issued at the conclusion of the meeting between Chairman of the EEC Board Tigran Sargsyan and Ambassador Extraordinary and Plenipotentiary of Mongolia to Russia Banzragch Delgermaa, BelTA has learned.

The parties discussed trade and economic cooperation. Tigran Sargsyan expressed confidence that the EEU and Mongolia will continue to successfully develop all-round cooperation in accordance with the memorandum of cooperation signed between the EEC and the Government of Mongolia last year. He stressed that Mongolia and the EEU have many points of contact. “This is not only, for example, export of goods from Mongolia to our Union. These are also the issues related to the establishment of joint ventures, investment projects. We do not limit the range of topics that may interest our Mongolian partners,” Tigran Sargsyan said.

In response to the suggestion of the Mongolia Ambassador to consider the accession of Mongolia to the Eurasian Economic Union or singing a free trade agreement (FTA), Tigran Sargsyan recalled his experience. “Three years ago, when I was at the head of the government of Armenia, we were facing the same choice: whether to join the Eurasian Economic Union. Back then we carefully analyzed everything, weighed all pros and cons. Our decision to join the EEU was very pragmatic, based on thorough calculations of all economic parameters,” the press service quoted Tigran Sargsyan as saying.

The Ambassador of Mongolia noted that a study group was established, as envisaged in the memorandum, with the aim of developing the economic dialogue between the EEU and the Government of Mongolia. Ambassador Banzragch Delgermaa suggested considering, in the context of the work of the study group, the reduction of import duties on a number of Mongolian goods, and applying the experience of creating the FTA between Vietnam and the EEU to Mongolia.

“Many countries suggest us concluding FTAs. They rightly see the Eurasian Economic Union as a vast market for their goods. In this context, we always ask them a question: once we open our market what our business will get in return? Our study group should find mutual benefits,” Tigran Sargsyan said.

The parties agreed to hold a meeting of the study group in October. It will be co-located, on the proposal of the Mongolian Ambassador, with a joint business forum with the participation of business of Mongolia and the EEU countries.

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