As of the first ten months of 2017, 627 million USD in Mongolian products were exported to the European Union.
Trade volume between Mongolia and the EU totaled one billion USD, over 10 percent of Mongolia's foreign trade. Ambassador of the EU to China and Mongolia Hans Dietmar Schweisgut said that as political and trade relations grow stronger, establishing a delegation dealing specifically with EU-Mongolia relations would be needed.
A partnership and cooperation agreement between the EU and Mongolia came into effect last month. As part of the agreement's Generalized Scheme of Preferences, Mongolia could pay lower duties or duty-free terms for export to the EU, but would still be required to pay fees associated with processing export documents. Despite these positive moves for increased trade, Mongolia was recently included in the EU's blacklist of tax havens.
Finance Minister Ch. Khurelbaatar has said that it will take at least one year to be removed from the list. The EU hasn’t yet made any official statement about restrictions placed on trade with countries on the list.
As of the first ten months of 2017, 627 million USD in Mongolian products were exported to the European Union.
Trade volume between Mongolia and the EU totaled one billion USD, over 10 percent of Mongolia's foreign trade. Ambassador of the EU to China and Mongolia Hans Dietmar Schweisgut said that as political and trade relations grow stronger, establishing a delegation dealing specifically with EU-Mongolia relations would be needed.
A partnership and cooperation agreement between the EU and Mongolia came into effect last month. As part of the agreement's Generalized Scheme of Preferences, Mongolia could pay lower duties or duty-free terms for export to the EU, but would still be required to pay fees associated with processing export documents. Despite these positive moves for increased trade, Mongolia was recently included in the EU's blacklist of tax havens.
Finance Minister Ch. Khurelbaatar has said that it will take at least one year to be removed from the list. The EU hasn’t yet made any official statement about restrictions placed on trade with countries on the list.