US Congressional Mongolia Caucus offer trade preferences to Mongolian cashmere products

2018-07-04 16:12:36
Ulaanbaatar /MONTSAME/ Members of Congressional Mongolia Caucus of the Congress of the United States offer targeted trade preferences for U.S. imports of Mongolian cashmere products.  Co-Chair of the caucus Dina Titus, Don Young and members of Congress Ted S.Yoho, David E.Price, Mark Meadows and Steve Cohen sent a letter to US Trade Representative Robert E.Lighthizer on July 02, regarding this issue.

“The Mongolian government is working to support the textile industry to diversify its mining industry-dependent economy. Strengthening the Mongolian cashmere industry through expanded exports into U.S. markets would not only benefit Mongolia’s economy but also help reduce U.S. bilateral trade deficits with China, as the Administration has stated it hopes to do,” reads the letter, also mentioning that legislation will soon be introduced by Rep. Ted Yoho to offer targeted trade preferences and they hope they can count on the Administration’s support.

The letter also noted that while Mongolia produces nearly half of the global supply of raw cashmere, around 60-70 percent of Mongolian cashmere is exported to China and China consequently leads the world in production of cashmere and cashmere finished products. Instead of buying finished cashmere products from China which sources cashmere from Mongolia, the United States could purchase more processed cashmere directly from Mongolia.