Mongolia, Kazakhstan aim to boost trade more than nine-fold to $500 mln

ASTANA. June 27 (Interfax) - Mongolia and Kazakhstan have agreed to ramp up bilateral trade more than nine-fold to $500 million as part of enhanced economic cooperation, the Mongolian government announced Thursday.

The agreement was reached during talks between Gombojav Zandanshatar and Kazakh Foreign Minister Murat Nurtleu. To achieve this goal, both countries will develop new transport routes and logistics corridors to streamline cross-border shipments and expand the range of imports and exports.

According to Mongolia's General Customs Administration, trade between the countries reached $54.2 million in 2024. The proposed expansion would increase trade volume more than nine-fold.

Zandanshatar emphasized Kazakhstan's role as a strategic partner in Central Asia, expressing commitment to deepening collaboration in transportation, agriculture, light industry, tourism, culture, education, science, and information technology.