Ulaanbaatar /MONTSAME/ The 8th Mongolia-Japan Joint Consultation with the government and private sector was held on July 4, today, at the Ministry of Foreign Affairs of Mongolia. During the consultation, the parties discussed the agreement outcomes, pressing issues and obstacles in the implementation as well as possible solutions to resolve them.
Within the agreement, the two countries agreed that the Mongolian side would be exempt from customs duties of 7200 types of goods in 97 groups directly or by stages in 10-year period, while Japan would be exempt 9300 types of goods in 97 groups. In 2015, the trade turnover between Mongolia and Japan was USD300 million, and the agreement raised the trade turnover to USD336 million in 2016. The trade turnover increased by 18.8 percent in the first five months of this year.
However, 96 percent of total trade turnover is made of Japanese exports to Mongolia, emphasized V.Enkhbold, Director of the Foreign Trade and Economic Cooperation Department of the Foreign Affairs Ministry. "Currently, over 40 Mongolian enterprises export wool, cashmere, frozen horse meat and handicraft items to Japan in small quantities. Whereas, Japan is supplying mainly cars and vehicle spare parts".
It is too early to make a certain conclusion about the agreement as just one year has passed since the partnership agreement came into force, stated Akihiko Tamura, Deputy Director of the Trade Policy Department of the Ministry of Economy, Trade and Industry of Japan. "- It is impossible to expect an increase of Mongolia's exports to Japan, just by establishing an economic partnership agreement. The government and the private sector should cooperate actively in order to realize the agreement. We request Mongolia to take several issues into consideration and solve them".
After the consultation, a business meeting of the two countries is scheduled to be held with attendance of 150 Mongolian and 60 Japanese companies.
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