Mongolia will accede to the Asia-Pacific Trade Agreement
Mongolia will accede to the Asia-Pacific Trade Agreement.
Mongolia will accede to the Asia-Pacific Trade Agreement. Mongolia had shown keenness to accede to the Asia-Pacific Trade Agreement (APTA) in 2009 to enjoy tariff concessions on its exports to other member countries. Mongolia has applied tariff concessions on 377 items. By acceding to the APTA, Mongolian products to be exported will be able to enjoy tariff concessions, with an average of 40 per cent in the Chinese and South Korean markets. The government of Mongolia issued a resolution in March, 2016, to increase custom duties of some imported goods, such as wooden doors and windows. In addition, investment in Mongolia from APTA member countries will be increased, while it will show a positive impact on the economy. The implementation result of APTA will be significant in assessing the opportunities and risks of free trade agreements to be established with these countries. APTA member countries account for more than 60 per cent of Mongolia's foreign trade turnover, over 90 per cent of its exports and 30 per cent of its imports. The APTA, previously named the Bangkok Agreement and signed in 1975, is an initiative of the Economic and Social Commission for Asia and the Pacific (Escap), is a preferential tariff arrangement that aims at promoting intra-regional trade through the exchange of mutually agreed concessions by member countries.
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