Ulaanbaatar
Mongolia to Benefit from GSP+ until 2027
Politics
Ulaanbaatar, May 21, 2024 /MONTSAME/. The
“European Union Trade Day-2024” Launch Event of the International Trade
Development in Mongolia (ITDM) Project was held on May 15, 2024.
Stating that the EU has extended the Generalized Scheme of Preferences Plus (GSP+) until 2027, Ambassador of the European Union to Mongolia Axelle Nicaise noted that 62 percent of Mongolian products entering the European market are enjoying tariff reductions, and most of them are cashmere and wool products.
The Director of the Department of Foreign Trade and
Economic Cooperation of the Ministry of Foreign Affairs of Mongolia,
Ulziisaikhan Ganbold expressed gratitude to the EU for promoting the export of
non-mining products and stated that Mongolia intends to focus on more products
from the service and trade sectors benefit from the GSP+.
The Director of the National
University of Mongolia Business School, N. Batnasan said, “The TRAM project for
promoting the export of non-mining products has successfully concluded, and the
next step, the ITDM project, has commenced."
President of the Mongolian
National Chamber of Trade and Industry Enkhtuvshin Dashtseren said the TRAM
project successfully bridged over 100 small to medium-sized enterprises to the
EU market, particularly Germany, and contributed to diversifying the Mongolian
economy and increased the export of non-mining-products.
The ITDM project also aims to boost the supply of Mongolian products that meet international standards to foreign markets, expand and develop businesses, digitize trading, and provide technical assistance and support.
The Ambassador of the European Union to Mongolia Axelle
Nicaise said, “This year marks the 35th anniversary of cooperation between
Mongolia and the European Union. It is a tradition that we hold a meeting every
year to share the results of our cooperation.” Ms. Axelle
Nicaise underlined that business-to-business cooperation is not only
important but is the focus of Mongolia-EU cooperation.
At the “European Union Trade Day-2024” Launch Event, discussions highlighted the key issues entrepreneurs face when entering foreign markets, such as logistical challenges and the complexities of international trade compliance. The participants exchanged views on enhancing foreign trade policy, diversifying export clusters, and establishing long-term public-private partnerships.
After the "European Union Trade Day-2024", the Ambassador of the European Union to Mongolia Axelle Nicaise, and other Ambassadors of EU countries toured “Khanbogd Cashmere” LLC, which uses solar-powered energy to produce cashmere products.
