Mongolia and Eurasian Economic Union discussed lifting non-tariff barriers

Oyundelger 2017-10-05 04:10

Economy

The first 'Mongolia and Eurasian Economic Union (EAEU) – 2017' economic forum was organized in Ulaanbaatar.

The first 'Mongolia and Eurasian Economic Union (EAEU) – 2017' economic forum was organized in Ulaanbaatar on the sidelines of Mongolia Russia Economic meeting.  Business people highlighted the need for facilitating non-tariff barriers more than tariff difficulties. Sides touched upon approving Mongolian customs inspection results to be allowed in Russia. Delegations agreed that if European Union (EU) and the EAEU approve other countries’ customs inspection, export difficulties will be removed. The forum focused on reducing these taxes and exchanging views on establishing free trade zone with EAEU. It was informed at the forum that a research was conducted to study Mongolia’s interest in establishing Free Trade Agreement (FTA) with the EAEU, and it will have a significant role in abolishing tariff and non-tariff barriers with the member countries of EAEU, expanding Mongolian traditional export products in the foreign market, increasing trade and service amount and attracting foreign investment.