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EAEU and Mongolia strengthen trade and economic interaction and expand cooperation
Intensifying trade and economic cooperation between the EAEU countries and Mongolia was discussed at the scientific conference “Prospects for developing trade, economic and investment cooperation between Mongolia and the EAEU countries” on May 21 in Ulaanbaatar.
The plenary discussion was addressed by Sergei Glazyev, Minister in charge of Integration and Macroeconomics. “Mongolia became the first State among third countries to formalize contacts with the Eurasian Economic Commission in 2015, having concluded the relevant Memorandum,” Sergei Glazyev said. “Next year it will be 10 years since the systematic work of the EEC and the Government of Mongolia was launched, the purpose of which is to promote the development of comprehensive cooperation between the Union countries and Mongolia, as well as to increase the efficiency of mutual trade and the implementation of measures aimed at eliminating barriers hindering its development”.
The EEC Minister also noted that implementing the Memorandum encouraged the development of sector-specific interaction between the EEC and the Mongolian state administration bodies, primarily in the fields of technical regulation and SPS-measures, and provided the groundwork for the work on preparing a temporary trade agreement between Mongolia, the Union and the EAEU Member States.
According to the EEC Minister, the key objectives for the near future include the intensification of work on eliminating barriers to developing trade and economic cooperation between the EAEU and Mongolia. He emphasized the importance of transiting to national currencies when making payments, using own payment and settlement platforms, reviving cooperation ties and building up joint investments through establishing joint ventures in geological exploration, mining, processing of raw materials, as well as implementing infrastructure and transport and logistics projects.
“The problem of trade imbalance can be compensated by increasing cooperation ties, establishing joint ventures in Mongolia and investments by corporations from the EAEU,” Sergei Glazyev summarized.
These and other issues of trade and economic cooperation will be the focus of attention of the joint Working Group
on interaction between the EEC and the Government of Mongolia, created in accordance with the above Memorandum. The Working Group actively involves not only representatives of the EEC and Mongolian state administration bodies, but also representatives of interested ministries and agencies, as well as business circles of the EAEU States.
The event was organized by the Russian Academy of National Economy and Public Administration under the President of the Russian Federation.
The conference was attended by representatives of the diplomatic corps of the EAEU Member States, public authorities, business circles and academia of the EAEU States and Mongolia.
