Mongolia-Japan discusses trade cooperation
The 8th Mongolia-Japan Joint Consultation with public and private sector was held at the Ministry of Foreign Affairs of Mongolia.
Mongolia-Japan discusses trade cooperation. The 8th Mongolia-Japan Joint Consultation with public and private sector was held at the Ministry of Foreign Affairs of Mongolia. The parties discussed the agreement outcomes, facing issues and obstacles incurred as well as possible solutions towards them. Under the agreement, the two countries agreed that the Mongolia would be exempt from customs duties of 7200 types of goods in 97 categories directly or with stages in 10-years, while Japan would be exempt from 9300 types of goods in 97 categories. Following the agreement, trade turnover between Mongolia and Japan was increased by 12 percent in 2016 that reached USD 336 million compared to the year of 2015. This half year also witnesses another increase of 19 percent in trade turnover. Currently, over 40 Mongolian enterprises export wool, cashmere, frozen horse meat and handicraft items to Japan in small quantities. Japan is supplying mainly cars and vehicle spare parts to Mongolia.