Traders concern insufficient legal frameworkEconomy
Ulaanbaatar /MONTSAME/. About 300 thousand citizens work in the trade sector of Mongolia. However, the issue of insufficient legal framework for their rights and duties as well as no state organization in charge of the sector was highlighted at the discussion that took place under the theme, ‘Current state of the trade sector, pressing issues, and its solutions’, on November 14. Over 300 representatives of traders, NGOs, and professional associations participated in the discussion organized by the Ministry of Food, Agriculture, and Light Industry.
In Mongolia, matters related to trade are regulated by over 100 articles of 57 laws, with foreign trade managed by the Ministry of Foreign Affairs, and domestic trade managed by the Ministry of Food, Agriculture, and Light Industry.
Head of the Policy and Planning Department of the Ministry of Food, Agriculture and Light Industry M.Enkh-Amar said, “The trade sector is the main way to support business and industry. However, the appropriate legal environment is yet to be developed in our country. The Ministry is currently developing a bill that will regulate foreign and domestic trade under a comprehensive system, creating a legal framework that includes all stakeholders, and working on having the bill approved by the current Government and Parliament.”
Mongolia is able to conduct foreign trade and services with the 164 member countries of the World Trade Organization. With the Free Trade Agreement established with Japan in 2016, works are being done on lowering the customs duties for about 9,000 types of products step-by-step, gradually reaching zero. Furthermore, in the framework of the Generalized Scheme of Preferences programme of the European Union, about 7,000 types of products can be entered the market free of customs duties.