7th session of Committee on Trade and Investment taking place

Economy
batchimeg@montsame.gov.mn
2021-01-28 15:25:40

Ulaanbaatar /MONTSAME/ The 7th Session of the Committee on Trade and Investment of  the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP)  kicks off on January 27.

 

Permanent Representative of Mongolia to the UNESCAP A.Tumur was elected as a deputy chair of the 7th session. And the session is running under two main topics “Rising protectionism, impact of COVID-19 pandemic and trade and investment situation in Asia and the Pacific”, “Promoting direct investment flow after COVID-19 pandemic”.

 

The Mongolian delegate attended the session expressed his position for opening and expanding trade rather than curbing trade flow and protecting domestic market in this time of the pandemic. Moreover, he underlined the significance of the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific” for the landlocked and geographically remote Mongolia to overcome these weaknesses. The agreement is initiated by the UNESCAP with the purpose to facilitate trade and create online trade environment. Trade expense of Mongolia is estimated to be reduced by 30 percent if the country successfully implement the Framework Agreement on Paperless Trade and the Agreement on Trade Facilitation of the World Trade Organization, he noted.