Bilateral trade turnover to be reached USD10 billion by 2020

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State Councilor and Minister of Foreign Affairs of the People’s Republic of China Mr  Wang Yi is paying an official visit to Mongolia on August 23-25, at the invitation of his Mongolian counterpart Mr D.Tsogtbaatar.

The formal events of the visit started with official talks of the Foreign Ministers. Afterwards, Foreign Minister of Mongolia D. Tsogtbaatar and Foreign Minister of China Wang Yi signed the Memorandum of Understanding between the governments of Mongolia and the People’s Republic of China on marking the 70th anniversary of diplomatic relations of the two countries and ‘2019-2020 Cooperation Plan’ between the Foreign Ministries. Following the signing ceremony, the Ministers made a report to the press.

At the press conference, Minister D.Tsogtbaatar said “During the talks held today, we agreed that China would augment its investment to sectors except mining when increasing its investment to Mongolia. An action of establishing Free Trade Agreement is starting. We also agreed to launch cooperation in Zamyn Uud-Erenhot zones. The sides review that the visit is effective to activate and continue friendly ties between Mongolia and China,”

Foreign Minister of the People’s Republic of China Wang Yi said “Bilateral ties will be elevated into a new level on the occasion of the 70th anniversary of the establishment of diplomatic relations between the two countries. Both sides will work on bringing bilateral trade turnover to USD 10 billion by 2020. In addition, China is willing to accept Mongolia’s proposal to increase the export of agricultural and mining products” said Mr Wang Yi.

The same day, Foreign Minister Wang Yi paid courtesy calls on the President of Mongolia Kh.Battulga and Speaker of the Parliament M.Enkhbold.

Furthermore, the Minister will attend the launching of construction of a new Waste water Treatment Plant in Ulaanbaatar on August 25 and will visit rural areas to get acquainted with issues on regional and border cooperation.

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