The heads of the EAEU countries approved the start of negotiations on a free trade zone with Mongolia

The leaders of the Eurasian Economic Union (EAEU) countries have approved the start of negotiations on an interim free trade agreement with Mongolia. This decision was made at a meeting of the Supreme Eurasian Economic Council within the framework of the anniversary summit of the EAEU in Moscow.

Minister of Trade of the Eurasian Economic Commission Andrey Slepnev noted that Mongolia is an important partner for the EAEU countries. He stressed that together with colleagues from Ulaanbaatar, a comprehensive analysis of the trade policy toolkit was carried out, which can contribute to deepening mutually beneficial cooperation.

Acting Minister of Economic Development of Russia Maxim Reshetnikov noted that Russia is the second largest supplier of goods to Mongolia. He expressed confidence that the conclusion of a free trade agreement would allow Russian exporters to gain access to the Mongolian market and increase the competitiveness of goods from Russia.

According to the Russian Ministry of Economic Development, the interim free trade agreement with Mongolia at the first stage will cover a limited list of industrial and agricultural goods, approximately 400 items. In the future, the parties will be able to agree on the conclusion of a full-scale free trade agreement.

The Ministry also noted that Mongolia currently has only one preferential trade agreement concluded with Japan. The absence of such agreements with other countries opens up new prospects for expanding trade and economic cooperation with Ulaanbaatar for the entire Eurasian Economic Union.