Mongolia, Russia agree to increase goods trade, prioritizing agriculture, e-commerce

ULAANBAATAR. Sept 18 (Interfax) - The governments of Mongolia and Russia have signed a memorandum of cooperation aimed at expanding trade and economic relations, increasing bilateral goods trade and the trade of high value-added goods, Mongolian media reported following a meeting between Mongolian Minister of Economy and Development Jadambyn Enkhbayar and Russian Deputy Prime Minister Alexei Overchuk.

"The document also stipulates cooperation between Mongolia's aimags (regions) and Russia's regions in developing interregional and border collaboration and establishing direct ties between local self-government bodies and business circles in both countries. The memorandum pays special attention to investment cooperation, including mechanisms for a public-private partnership and the expansion of cooperation in electronic commerce," the statement reads.

It also says that the parties outlined agriculture, light industry, IT, logistics, construction, industry, medicine, tourism and education as key areas for the development of goods trade and bilateral relations.

According to data from Mongolia's General Customs Administration, trade with Russia amounted to $2.8 billion in 2025 and $2.3 billion in the first eight months of this year. Russia is Mongolia's biggest foreign trading partner in volume terms after China, with energy accounting for most its exports to the country.