Legal alterations completed to launch Mongolia-Japan EPA

2016-03-14 13:00:24

Ulaanbaatar /MONTSAME/ Government of Mongolia has issued an official note about a completion of legal procedures for ensuring required domestic law alterations in respect of the pending implementation of the Economic Partnership Agreement (EPA) with Japan.  

Head of Cabinet Secretariat S.Bayartsogt handed the note to Mr M.Kikuchi, Charge d’affaires of the Japanese Embassy in Ulaanbaatar on March 11.

The Prime Minister of Mongolia Ch.Saikhanbileg and the Prime Minister of Japan Shinzo Abe signed the Economic Partnership Agreement in Tokyo on February 10 of 2015, a document of which were ratified later by the two parliaments.

As required, prior to the implementation of the EPA the State Great Khural (parliament) approved the amendments to the Law on Excise Tax and the parliamentary resolution on designating amounts of customs duty on imported goods, on February 5 this year. “Today, we are officially informing the Japanese side that the Mongolian side has fulfilled the required procedures under the agreement with Japan. The other side also has certain procedures to complete. After that, the agreement parties will exchange notes, declaring effectiveness of the EPA”, said Bayartsogt.

According to the World Trade Organization, its member countries, except Mongolia, have signed 585 regional and free trade agreements. The EPA with Japan is opening the door for Mongolia to the  regional economic integration.

Japan has EPAs with 14 countries and is working to launch economic partnerships with seven other countries including Mongolia.