Ulaanbaatar, June 12, 2023 /MONTSAME/. The 16th Trade and Economic Forum of the Chambers of Commerce and Industry of Mongolia, the Russian Federation, and the People's Republic of China took place in Ulaanbaatar on June 8-10. The stakeholders signed over 50 memorandums of cooperation. The memorandums aimed to:

• Provide support in resolving the control, inspection, and quarantine requirements during the export of meat and meat products, milk, and dairy products to the markets of Russia and China, and transit through the territory of these two countries for exportation to third countries;
• Reduce tariff and non-tariff barriers and restrictions in the trade of the three countries, and facilitate and liberalize trade;
• Establish business committees of the chambers of commerce and industry of the three countries;
  
• Establish an integrated data platform for the three countries;
• Support joint investment in major construction projects by the chambers;
• Mutually accept and implement arbitration decisions that are important in business activities, and include arbitrators of the three countries in the list of arbitrators and ensure balanced exchange.

In view of the specific geographical location of Mongolia, multiple issues were raised such as increasing the capacity of border ports and the number of entry and exit points towards developing international transit transport, freight transport, and tourism as well as extending the working hours of ports.      

Six Mongolian, four Chinese and three Russian companies presented cooperation projects and held business meetings at the joint conference, which was attended by the management of the chambers of commerce and industry, embassy officials, and over 600 representatives of businesses and organizations of the three countries. The Mongolian side presented the Free Economic Zone of Khushigt Valley. It is planned to build a free economic zone settlement with dozens of thousand people working and living on 1000 hectares of land of the Chinggis Khaan International Airport.

In order to promptly solve the problems in trade and economic relations between Mongolia, Russia, and China, increase investment, and create a favorable environment for doing business, it is essential for the chambers of commerce and industry to bring their cooperation to a new level and collaborate with their respective government institutions, stressed President of the Mongolian National Chamber of Commerce and Industry O. Amartuvshin in his closing speech.

The next 17th Forum of the Chambers of Commerce and Industry of Mongolia, China and Russia will be organized by the China Council for the Promotion of  International Trade in 2024.