4 Dec 2019 12:20

Mongolia expecting soonest discussion of free trade area with EAEU

MOSCOW. Dec 4 (Interfax) - Mongolia is expecting the soonest discussion of a free trade area agreement with the Eurasian Economic Union (EAEU).

"We are expecting to begin this work soon," Mongolian Prime Minister Ukhnaagiin Khurelsukh said at the business forum, "Russia-Mongolia. Doing Business in the EAEU Common Market," in Moscow on Wednesday.

In his words, Mongolia's foreign trade grew 22% year-on-year and hit the all-time maximum of $12.9 billion in 2018. Direct foreign investment grew 18% to $2.7 billion. Trade with EAEU member states accounted for 14.5% of Mongolia's total foreign trade turnover in 2018.

According to Khurelsukh, Mongolia "wishes to actively develop cooperation with EAEU member states. It views the EAEU as a highly significant union and as its target market for exports."

There is a good chance to set up joint leather, wool, cashmere, mining, and agricultural enterprises, the prime minister said.