Last year, Mongolia signed the first Economic Partnership Agreement (EPA) with Japan. However, the agreement had not yet came into force until today.
Lawmakers have made amendments to several laws which was necessary for the implementation of the agreement, including law on VAT and law on custom. Therefore, Foreign Affairs Ministries of Mongolia and Japan have exchanged notes yesterday. Thus, the EPA has came into force starting today.
As a result of EPA (included free trade agreements), bilateral trade, trade turnover or the flow of services and products and investment of two countries are considered to be increased. Currently, an annual trade turnover between the two countries is ranging between USD 300-500 million.
Moreover, our businessmen are enabled to introduce Japanese know-how and to boost the export. According to the EPA, import tariffs of 5700 products of Mongolia while 9300 products of Japan will be decreased starting today. All products are classified into A and B categories. Products of A category will be exempted directly from custom taxes while products of B category will be exempted gradually from custom taxes.
A team consists of more than 80 people from the Ministry of Industry and the Ministry of Food and Agriculture have made negotiation with Japan since 2009. During that time, both the government of Japan and Mongolia has changed six times.
Last year, Mongolia signed the first Economic Partnership Agreement (EPA) with Japan. However, the agreement had not yet came into force until today.
Lawmakers have made amendments to several laws which was necessary for the implementation of the agreement, including law on VAT and law on custom. Therefore, Foreign Affairs Ministries of Mongolia and Japan have exchanged notes yesterday. Thus, the EPA has came into force starting today.
As a result of EPA (included free trade agreements), bilateral trade, trade turnover or the flow of services and products and investment of two countries are considered to be increased. Currently, an annual trade turnover between the two countries is ranging between USD 300-500 million.
Moreover, our businessmen are enabled to introduce Japanese know-how and to boost the export. According to the EPA, import tariffs of 5700 products of Mongolia while 9300 products of Japan will be decreased starting today. All products are classified into A and B categories. Products of A category will be exempted directly from custom taxes while products of B category will be exempted gradually from custom taxes.
A team consists of more than 80 people from the Ministry of Industry and the Ministry of Food and Agriculture have made negotiation with Japan since 2009. During that time, both the government of Japan and Mongolia has changed six times.