Mongolia to sign economic agreement with US

Mongolia will sign a memorandum on economic cooperation with the US next year following high-level talks held in Ulaanbaatar.

The talks were held in Ulaanbaatar last week. (Image: @USAmbMongolia)

A range of policy issues were discussed, including macroeconomic reform, economic diversification, cooperation in infrastructure, agricultural development, women’s empowerment, and mining safety.

The two countries reportedly agreed to meet again next year to sign an agreement on trade.

The discussions were held within the context of the US Indo-Pacific strategy, through which Washington is arguably using its power to curtail China’s regional ambitions. In fact, the Third Neighbour Trade Law, which would grant some Mongolian goods duty free access to the massive US market, explicitly mentions cutting China out of cashmere supply lines that originate in Mongolia.

Mongolian Deputy Foreign Minister B.Munkhjin said he expects the Third Neighbour Trade Law 'to be approved by the US Congress.'

The American ambassador, of course, did not confirm Munkhjin’s expectation in his remarks, saying only that the bill is ‘still before Congress.’ It was introduced in April last year.

“When I arrived as Ambassador to Mongolia, I pledged that deepening our economic ties and increasing trade between the United States and Mongolia was one of my top priorities,” Ambassador Michael Klecheski said. “This Economic Policy Dialogue was an important next step in our strategic partnership.”

These consultations have been held every two years since 2015.

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