A Roadmap for Expanded Economic Partnership between Mongolia and the United States of America
PoliticsOn September 20, Mongolia and the United States committed to pursue and implement this roadmap for the benefit of the peoples of Mongolia and the United States in the following ways:
Global trade
Mongolia and the United States remain
committed to implementing their obligations under the WTO Agreement on Trade
Facilitation, and the two sides re-affirmed their commitment to cooperate in
seeking market-opening outcomes in the WTO.
Regional economic cooperation
The two sides, re-confirming their shared
values and interests in a more inclusive, prosperous, and market-oriented
region free from economic coercion, announced their intent to provide mutual
support, through information sharing and cooperation, as appropriate, in
regional economic platforms.
Bilateral trade and investment
Mongolia and the United States re-affirmed
their intent to deepen their bilateral commercial relationship through full
implementation of their obligations under the United States-Mongolia
Transparency Agreement;
The two sides expressed a shared desire to
further promote transparency, protect intellectual property rights, and prevent
corruption in matters related to international trade and investment,
recognizing them as stumbling blocks to achieving healthy economic growth and
development;
With a view to encouraging the establishment
of a bilateral dialogue to foster the robust and full implementation of the WTO
Trade Facilitation Agreement, both sides shared their intent to work towards
identifying sources of capacity building and technical assistance available by
donors; and
The two sides intend to seek new opportunities
to increase mutually beneficial bilateral trade that is free, fair, and
reciprocal, and to promote the introduction of new sectors and areas of
bilateral trade, including by leveraging U.S. EXIM Bank and the Overseas
Private Investment Corporation for infrastructure development, as appropriate.
Dialogues and mechanisms
Mongolia and the United States welcome and commit
to strengthening the existing bilateral dialogues and mechanisms for economic
and trade engagement, which include:
The Economic Policy Dialogue;
Meetings of the U.S.-Mongolia Trade and
Investment Framework Agreement, under the Agreement Between the Government of
the United States of America and the Government of Mongolia Concerning the
Development of Trade and Investment Relations;
The Energy Cooperation Dialogue;
The exchange of businesses through U.S.
Department of Commerce trade missions to Mongolia and other trade events;
Capacity building programs, including the U.S.
Department of Commerce’s Commercial Law Technical Assistance Program and the
U.S. Treasury’s assistance in improving Mongolia’s anti-money laundering and
countering the financing of terrorism system; and
Business events, such as business forums and
roundtables, by the Mongolian National Chamber of Commerce and Industry, the
American Chamber of Commerce, and other organizations.
Natural resources
As countries abundant in natural resources,
Mongolia and the United States intend to endeavor to create all the necessary
conditions towards converting natural resources into wealth for the peoples of
the both countries, including through close cooperation in the areas of:
Agriculture
Convinced that the agricultural sector is a
significant factor in the necessary diversification of Mongolia’s economy, the
two countries intend to support its development by seeking opportunities for
collaborative agricultural research and other activities aimed at sustainable
production of a safe and abundant food supply for consumption and export;
Water
Recognizing that a lack of sustainable sources
of water supply constrain Mongolia’s ability to support private-sector led
economic growth, the two countries intend to maintain support for the
Millennium Challenge Corporation’s Second Compact, including its infrastructure
development and policy reforms that enhance the long-term sustainability of
Ulaanbaatar’s bulk water supply;
Energy
Aware of the potential of Mongolia’s energy
sector to become a source of economic growth, and with the view to expanding
Mongolia’s domestic sources of sustainable energy, the two countries desire to
continue energy collaboration through existing bilateral, regional, and
multilateral engagement structures, including the Energy Cooperation Dialogue;
and
Mining
Welcoming the mining sector as a strong
contributor to economic growth, Mongolia and the United States, as two
countries with advanced experience and infrastructure in this sector, intend to
continue their cooperation by encouraging newer areas and opportunities for
cooperation and through exchanges of experiences and advanced technologies, as
well as best practices.
Financial services
Mongolia and the United States remain aligned
on the goals of combating corruption and money laundering. Both countries
affirm their support for a resilient international financial sector.
Infrastructure
The two countries seek to support the
expansion of quality infrastructure, including digital, in order to facilitate
and improve economic growth in both countries; and
Mongolia and the United States recognize the
importance of transport development and aim to improve the competitiveness of
their respective transportation sectors in more open markets.
Development cooperation
Both countries decided to faithfully prepare,
execute, and implement the second Millennium Challenge Corporation Compact,
involving investments in water infrastructure, including supply and wastewater
recycling, as well as water sector sustainability;
Recognized that continued monitoring and
reporting of results from the first Millennium Challenge Corporation Compact
may be necessary to develop a full understanding of its long-term impacts on
poverty and economic growth; and
Committed to continue to collaborate in
supporting Mongolian small- and medium-sized enterprises (SMEs) through various
programs and projects.
Supporting private businesses
Mongolia and the United States seek to promote
enabling environments for the growth of SMEs and the private sector, as they
mutually note that these are the engines of steady economic growth in both
countries.
New areas of cooperation
Both countries intend to continue encouraging newer areas and fields of economic cooperation, such as healthcare infrastructure and micro power, aimed at strengthening and diversifying their economies while protecting the environment.
source: mfa.gov.mn