Lukashenko expects trade with Mongolia to grow under EAEU preferential regime

MINSK. Oct 26 (Interfax) - Belarusian President Alexander Lukashenko has expressed his expectation that the volume of mutual trade between Belarus and Mongolia will increase following the entry into force of an interim trade agreement between Mongolia and the Eurasian Economic Union (EAEU) this past July.

"Under the agreement, customs duties on these goods have been reduced to zero. Manufacturing and trading enterprises should promptly take advantage of this benefit. The EAEU's preferential regime also creates new opportunities for us in the Mongolian market," Lukashenko said on Monday during talks with Mongolian President Ukhnaagiin Khurelsukh in Minsk, as quoted by the BelTA state news agency.

Lukashenko added that Belarusian consumers "are looking forward to seeing Mongolian cashmere, leather and wool products, and other goods on store shelves."

Lukashenko told the Mongolian leader that the volume of mutual trade between the two countries could triple by 2029.

"We attach great importance to trade and economic cooperation and are committed to mutually beneficial and fruitful engagement with Belarus. Despite certain challenges arising from the current complex geopolitical and geostrategic environment, both sides are making efforts to expand trade and economic cooperation and enhance its effectiveness," Ukhnaagiin Khurelsukh noted.

He added that, in this regard, he considers it appropriate to hold a consultative meeting between representatives of the two countries' banks and relevant financial institutions "to overcome difficulties and find an optimal solution."

As reported, an interim trade agreement between the EAEU member states and Mongolia entered into force on July 22. The agreement envisages the elimination or reduction of customs duties on 367 product subheadings for each side, a scope that covers approximately 90% of total trade. The agreement has been concluded for a three-year term, with the possibility of an automatic extension for another three-year period.