Interim Trade Agreement with EAEU Opens Access to a Market of 180 Million Consumers

Mongolia has taken a significant step towards expanding its international market presence by concluding an interim trade agreement with the Eurasian Economic Union (EAEU). This agreement officially establishes preferential access for Mongolian producers to a vast market encompassing approximately 180 million consumers.

Under the terms of this agreement, import tariffs will be eliminated on 367 categories of goods exported from Mongolia. Notably, a substantial 97.5% of these categories are dedicated to agricultural and livestock-origin products. This paves the way for key Mongolian exports, including meat and meat products, hides, wool, cashmere, and textiles, to gain preferential access to the markets of EAEU member states.

Experts highly anticipate that this agreement will significantly boost exports and foster economic diversification for Mongolia, reducing its reliance on the mining sector. It is designed to unlock new opportunities for sectors such as livestock, crop farming, and light industry. The elimination of tariffs is expected to enhance the competitiveness of Mongolian products in these new markets, promising increased revenue for producers and strengthening Mongolia’s position in regional and international trade.