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02 June 2017, 15:49

Mongolia eyes FTA with EAEU

MINSK, 2 June (BelTA) – Mongolia proposed to sign a free trade agreement with the Eurasian Economic Union (EAEU). This initiative was voiced by Mongolian Prime Minister Jargaltulgyn Erdenebat during the negotiations with Chairman of the Eurasian Economic Commission (EEC) Tigran Sargsyan held as part of the St. Petersburg Economic Forum, BelTA learned from the press service of the EEC.

The sides commended the results of the two-year cooperation. The Mongolian prime minister recalled that it had taken quite a little time to make significant progress from signing a memorandum of trade and economic cooperation to reviewing specific initiatives set to intensify mutual trade and remove trade barriers. The working group on Mongolia-EEC cooperation held the second meeting in February 2017. The sides adopted a plan of action for 2017-2018 in trade policy, customs administration, technical regulations and harmonization of veterinary and phytosanitary standards and requirements, agricultural development, and the measures to provide the necessary conditions for fair competition.

“Jargaltulgyn Erdenebat came up with a proposal to sign a free trade agreement with the EAEU and also offered to set up a joint group to review the viability of this deal and define its basic parameters,” the press service noted.

The Mongolian prime minister invited the EAEU to talk over establishing a Eurasian transport and logistics network China-Mongolia-EAEU that could become another powerful driver of growth to accelerate trade and cross-border economic cooperation.

The sides also agreed on organizing the first Eurasian business forum in Ulaanbaatar, Mongolia in autumn 2017. “Our task is to make the forum successful and help it catch the eye of the EAEU business community. This could become an additional impetus to Mongolia-EEC cooperation and would also help sign some agreements to promote economic activity and provide a favorable business climate,” Tigran Sargsyan remarked.

He summed up that the session was positive and fruitful. “We will consult all EAEU countries and then offer a joint agreed position to our Mongolian colleagues. The EEC is ready for all kinds of cooperation that help accelerate trade and foster economic relations between the EAEU businessmen,” Tigran Sargsyan summarized.

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