EU-Mongolia Framework Agreement on Partnership and Cooperation enter into force next month

2017-10-12 15:54 GMT+8

ULAANBAATAR (GoGo Mongolia) - European Union-Mongolia Framework Agreement on Partnership and Cooperation will enter into force in November 2017, reports the Ministry of the Foreign Affairs. 

Mongolia set a goal to expand its foreign trade.  

"Under the "GSP Plus" program implemented by the European Union, Mongolian producers are able to export 7200 types of goods and products to EU market. However, producers are not taking this opportunity", says Mongolian National Chamber of Commerce and Industry. 

Currently, cashmere accounts the majority of the export to EU. As of Aug 2017, 90 percent of the combed cashmere were exported to Italy and 6 percent of them were exported to England. 

In addition, Mongolia has expressed its interest to establish a free trade agreement with the Eurasian Economic Union. Moreover, the country mainly exports meat and meat products as well as fluorspar to Russia.

Meanwhile, the preparation for the establishment of a free trade agreement with South Korea is ongoing successfully. In 2016, two parties agreed on the matter during the visit of the President of Mongolia to Korea. The Ministry of Foreign Affairs reported that the research work has begun.


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