27 May 2022 13:18

Russia and Mongolia to work out plan of economic cooperation through 2025

ULAN-UDE. May 27 (Interfax) - Russia and Mongolia will draw up a plan for trade, economic and investment cooperation for the period through 2025 within the next few months, Sergei Glaziyev, a member of the integration and macroeconomics panel of the Eurasian Economic Commission, said at the "Russia-Mongolia. Partnership in the New Reality" international forum, which opened in Ulan-Ude on Friday.

"We would like our new plan for cooperation until 2025 to pave the way for new achievements, new opportunities to broaden our trade, economic, cooperative, and investment relations. Our mutual trade is modest today, standing at a mere $2 billion, but it shows a good tendency toward growth," Glaziyev said.

Russia-Mongolia trade increased by 30% in 2021, Glaziyev said, adding that there were also positive dynamics in the first quarter of 2022.

"However, this level is considerably lower than the potential that our economic spaces have. [...] You know what a difficult situation the world is facing today, and that the global economy is undergoing a profound transformation. Our Eurasian Economic Union [EAEU] increasingly eyes Asia's markets. We see Mongolia as a key partner in Asia for all EAEU states," he said.

He drew the attention of the forum's participants from Mongolia to the fact that the ongoing changes in the global economy structure are opening up vast opportunities for Asian countries.

"New opportunities are opening up for trade in consumer goods, including goods which are traditional for Mongolia. [...] We could also speak about more profound industrial cooperation. We hope that our plan for the period until 2025, which we should draw up within the next few months, will take these new horizons and avenues of cooperation into account," Glaziyev said.

Mongolia became one of the first states with which the Eurasian Economic Commission signed a memorandum of cooperation, he said.