Mongolia makes trade of USD 26 million with EU countries

2020-10-26 16:02:32

Ulaanbaatar /MONTSAME/ The European Union (EU) Trade Day is being organized between October 26 and 27 under the theme  “Increasing export capacity of Mongolia to the European market”.

Challenges and difficulties of four export clusters of cosmetics, leather, yak and camel wool and seabuckthorn are under discussion during the event while presenting recommendations by Mongolian and European Chambers of Commerce and Industry on  export financing measures for SMEs.

Significance of the project, which aims to upgrade trade policy of Mongolia and increase types of value added, final products to export to European market, is very high in this time of the pandemic, CEO of the Mongolian National Chamber of Commerce and Industry (MNCCI) T.Duuren noted.

As a result of the EU-funded Trade Related Assistance for Mongolia (TRAM) project, Mongolia made trade of USD 526 million with the EU in the first nine months of 2020.

"Based on the experience gained from these four clusters, we started independently organizing a pine nut cluster. We experienced the importance of cluster to make export. Especially, it is necessary for us to unite under integrated organization and develop value-added products in this time when unemployment rate is high due to the pandemic, he added.

Leather goods, seabuckthorn and cosmetic products that are developed within the export cluster are on display at the event. 

During the second day of the event, a workshop will be organized by GSP Hub project to provide information on facilitating horizontal collaboration among stakeholders, increasing the use of GSP+ preferences, through identifying routes for export diversification, encouraging European companies to increase their imports from Mongolia, and promoting international sustainability standards.