Ulaanbaatar
Open Discussion Held on the Economic Partnership Agreement between Mongolia and the Republic of Korea
Economy
Ulaanbaatar, March 10, 2025 /MONTSAME/. An open discussion “The Participation of Business Owners in the Economic Partnership Agreement to be Established between Mongolia and the Republic of Korea” took place at the Mongolian Chamber of Commerce and Industry.
Mongolia and the Republic of Korea launched negotiations for an economic partnership agreement (EPA) in 2023,
and the two sides have successfully held four rounds of talks in the past. In
connection with the next round of talks in the first quarter of this year, an open discussion
was held to gather opinions and proposals from businessmen, enterprises, and
professional associations.
The Economic Partnership Agreement aims to
increase non-mining exports from Mongolia to the Republic of Korea and reduce trade
deficit. In addition, the improvement of the foreign trade environment will
attract investment and help the economy lessen Mongolia's economic dependence on the mining
sector.
“By establishing
the EPA, the Republic of Korea will be able to invest in certain sectors and
export products from target investment areas. For Mongolia, it is significant in expanding the economy. Within the framework of the EPA,
we aim at improving the potential agricultural products. In 2024, meat exports
decreased compared to the previous year. If we can properly address quarantine,
laboratory, and animal health issues within the framework of the Agreement, we
can generate more export revenue from livestock alone than from mining, particularly copper mining. This will increase the income of herding households," noted Anar Bat-Ireediu, Head of the Investment Policy Department of the Ministry of Economy and
Development.
Representatives of businesses said that
attention should be paid to resolving and improving some issues in foreign
trade, including certificates of origin and quarantine regulations, and
bringing them to an international level.
