Ulaanbaatar /MONTSAME/ The Council of the European Union adopted a decision on the conclusion of the Mongolia-EU Framework Agreement on Comprehensive Partnership and Cooperation on October 9.
The negotiations for the Mongolia-EU Framework Agreement started in 2010 and were concluded in 2013. As all EU member states approved the Agreement at parliamentary levels, the European Parliament gave its consent to conclude the Agreement on February 15, 2017.
After the European Parliament’s approval that paved the way for the Agreement’s entry into force, the EU Council has thus adopted the conclusion at its meeting this week. The Council decision on the conclusion of the agreement closes the ratification procedure and allows the agreement to enter into force. The Agreement will enter into force on November 1, 2017.
Once it enters into force, The Agreement will supersede the current legal framework of the 1993 Agreement on Trade and Economic Cooperation between the European Economic Community and Mongolia.
It will provide the basis for a broader and more effective engagement by the EU and its Member States with Mongolia moving forward. The Agreement will broaden the scope of Mongolia-EU partnership and strengthen bilateral cooperation in commerce, economy, development assistance, agriculture, rural development, energy, climate change, research, innovation, education and culture.
The Framework Agreement consists of 65 Articles with a Preamble and nine Titles, which include the nature and scope of the Agreement; bilateral, regional and international cooperation; cooperation on sustainable development; cooperation on trade and investment issues; cooperation in the area of justice, freedom and security; cooperation in other sectors; means of cooperation; the institutional framework; and final provisions.
The Agreement covers a number of cooperation areas of mutual interest such as trade and investment, sustainable development, financial services, taxation, industrial policy and small and medium-sized enterprises cooperation, science, technology, culture, energy, transport, environment, health, civil society and tourism.
The Framework Agreement’s entry into force will allow Mongolia to intensify its cooperation with the EU, cooperate in new fields and take bilateral relationship to a new level. The Framework Agreement will also become a stimulus to strengthen Mongolia’s relations with EU member states. The EU adopted a decision to establish its Representative Office in Ulaanbaatar in July, 2017.