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Following the meeting of the Supreme Eurasian Economic Council, held in Moscow on May 8, 2024, the leaders of the Eurasian Economic Union countries supported the proposal to formally initiate negotiations on concluding a temporary trade agreement with Mongolia.

“Mongolia is not just a neighbor, but also an important partner for our countries. Together with our colleagues from Ulaanbaatar, we have comprehensively studied the trade policy instruments that can be used to deepen mutually beneficial cooperation, as well as the effects of establishing a free trade regime,” Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, commented on the decision.

He clarified that this work resulted in the conclusion that at the current stage it was advisable to opt for a temporary trade agreement, within the framework of which duties in mutual trade would be abolished or reduced on a limited range of goods. This proposal was supported by SEEC Members.

As previously reported, preparatory work on a temporary trade agreement between the EAEU and Mongolia has already begun and can be completed before the end of this year.

“In the first quarter, we held detailed consultations with the Mongolian party and already agreed on the framework of a future trade deal. Taking into account how the leaders of the EAEU countries and Mongolia support the ongoing work, there is every reason to believe that we will be able to report to SEEC Members that the agreement is prepared for signing in the shortest possible time,” added Andrey Slepnev.