The EAEU trade agreement with Mongolia covers 367 commodity sub-items

June 27, MINSK . The temporary trade agreement between the EAEU and Mongolia, which was signed today as part of the work of the Supreme Eurasian Economic Council in Minsk, marks a new stage in the development of relations between the countries, BelTA learned from the Eurasian Economic Commission. 
The document covers 367 commodity sub-items for each party, for which customs duties will be zeroed or reduced from the moment the document comes into force. The agreement is concluded for 3 years with the possibility of extending it for another three-year period. 

"According to statistics, tariff preferences will cover $2 billion of EAEU exports to Mongolia, that is, more than 90%. The agreed preferences will allow EAEU companies to save up to $100 million annually," noted Andrey Slepnev, Member of the Board (Minister) for Trade of the Eurasian Economic Commission.

According to him, in accordance with the signed trade agreement, farmers of the EAEU countries will have preferential conditions for deliveries to the Mongolian market of such fundamentally important goods as wheat, corn, dairy products , vegetable oils, MEAT and poultry products, SUGAR , confectionery, cheeses , mineral water and alcoholic beverages. 

As for industrial goods, the growth of supplies is predicted for such types as metallurgical products (ferroalloys, hot-rolled and cold-rolled products, rods, angles, pipes, etc.), motor vehicles (cars, buses, trucks, special equipment, auto components, trailers, etc.), products of railway engineering and chemical industry (polymers, plastic plates and parts), tires, nitrogen fertilizers, medicines , etc.
In turn, Mongolian goods will be granted preferential access to meat (horse meat, beef , lamb , canned meat, offal), dairy products (yoghurts, cheese), light industry goods (wool, threads), as well as finished high-quality light industry products, including knitted and textile clothing.

Opportunities for further cooperation are included in the non-tariff part of the agreement: in the area of ​​technical regulation, sanitary, veterinary and phytosanitary measures, customs cooperation, electronic commerce and economic cooperation.

"Over the past few years, trade turnover between the EAEU and Mongolia has already grown more than one and a half times. We expect that with the start of the agreement, this trend will continue and strengthen, which will allow us to increase our trade turnover to $3 billion," said Andrey Slepnev.

After signing, the temporary trade agreement will be submitted for ratification procedures in Mongolia and the EAEU countries, which are necessary for it to enter into force. Photo by Vitaly Pivovarchik