Citing the fact that landlocked countries face unique and formidable obstacles, Mongolian Deputy Prime Minister Ulziisaikhan Enkhtuvshin said at the inauguration ceremony of the International Think Tank for Landlocked Developing Countries that the organization will strengthen the collective voice of these countries in global dialogues.

According to a World Bank report, the costs of foreign trade of landlocked countries are twice as high as countries with access to the sea, Enkhtuvshin said.

Delegates from member countries including Armenia, Kazakhstan, Kyrgyzstan, Afghanistan, Laos, and Paraguay will approve the legal documents of the organization and appoint a chairman.

They are expected to discuss issues such as foreign direct investment, information and communications, technology and connectivity during a two-day meeting.

"The initiative possibly provides Mongolia with economic opportunities that could to a certain extent offset the disadvantages associated with the lack of Mongolia's access to the sea," Batbold said on the sidelines of the Future of Asia conference here.

The Mongolian government is working to build the trilateral Mongolia-Russia-China economic corridor, which includes 32 projects such as modernizing Mongolian railroads and highways to Russia and China.

The government is also pursuing a Russian-Chinese oil and gas pipeline through Mongolia. The leaders of the three countries affirmed the importance of their economic cooperation at Saturday's meeting of the Shanghai Cooperation Organization in China.

Hit hard by falling commodity prices, resource-rich Mongolia has been receiving International Monetary Fund assistance under a program that began last year.

In foreign affairs, Mongolia has a "vital interest" in security on the Korean Peninsula, said Batbold, who served as prime minister from 2009 to 2012.

"Mongolia enjoys excellent relations with all countries in the region," he added.

He discussed the diplomatic roles that Mongolia has played, such as hosting the Ulaanbaatar Dialogue, a forum for interaction among government officials and researchers in countries such as China, Russia and the Koreas. Mongolia also hosted meetings between North Korea and Japan on the issue of abducted Japanese citizens.

"I heard that Ulaanbaatar was considered as one of the prime locations for the summit between [the U.S.] President [Donald] Trump and [North Korean leader] Kim Jong Un," Batbold said. "Maybe one of the reasons was this contribution Mongolia seeks to make to peaceful solutions."

Imports of high-grade iron ore fines and lump ore from Australia, Brazil and South Africa rose 13.5% from April to 94.14m tonnes. May 2017 imports totalled 91.52m tonnes. Cargoes for the first five months of 2018 now total 448m tonnes. Annual shipments for 2017 totalled just over 1 billion tonnes

Daily crude steel output by major steel mills hit a record 1.96 million tonnes in the first 20 days of May, according to data from China's Iron & Steel Association.

The Metal Bulletin benchmark price at the port of Qingdao for 62% Fe ore gained on Friday to trade at $67.44 a tonne, down 7.5% year to date. The gap between 62% and 58% Fe fines widened to $28.38 per tonne on Friday while 66% Fe concentrate ended the week higher at $92.79.

The strong imports have caused growing stockpiles at Chinese ports which reached new peaks last week. Inventories hit a record 162 million tonnes according to SteelHome data.

China consumes more than two-thirds of the seaborne iron ore market and produces as much steel as the rest of the world combined.

The prime minister expressed his satisfaction with Mongolia’s most recent successful cooperation with Russia in a wide range of issues, especially in trade and economic sectors, as trade turnover between the two countries increased by 37 percent last year compared to 2016.

He noted that as a railway transit transportation agreement between the governments of Russia and Mongolia, which aims to enhance cooperation on freight transportation trade between the two countries by promoting a flexible tariff policy for 25 years, will be signed soon, the agreement will have a significant impact on mutual trade and economic cooperation.

The main advantages of the agreement are to facilitate border checkpoint procedures on transit freight, increase freight volumes, stimulate infrastructure development of railway transport and help support Mongolian exporters to overcome maritime transport obstacles.

Prime Minister U.Khurelsukh pointed out that Mongolia is looking forward to diversifying the types of its goods being exported to Russia, increasing exports of its meat and meat products, establishing a meat processing factory that will produce products that meet Russian standards for meat imports, and collaborating with Russia to carry out a joint project in the cashmere industry.

The Russian minister emphasized that the country pays a great deal of attention on its relations and cooperation with Mongolia, especially in culture, trade and economic cooperation.

Minister Manturov stated that Mongolia is interested in exporting goods that are in demand in the Mongolian market, opening a leather processing factory in Mongolia, supplying agricultural technology and equipment, and helicopters, and collaborating with Mongolia to implement projects to increase the capacities of Thermal Power Plant No.3 and Ulaanbaatar Railway, and build a highway in Mongolia.

According to J.Erdenebat, the Russian Federation is interested in coal transportation. Because of the location of Mongolia in the east of the Eurasia and its huge reserves of high-quality coal, there are clear possibilities for export via the ports of the Russian Far East, such as Vladivostok and the Vostochny coal terminal. Under the agreement, Mongolia will be able to transport its coal via Vladivostok to Europe. During the meeting, the two sides discussed the transportation of Tavan Tolgoi coal via Kyzyl to Europe. Ulaanbaatar Railways is a Russian-Mongolian Joint Stock Company, so, the agreement is very important to both sides, said the J.Bat-Erdene.

In his meeting with Indian Prime Minister Narendra Modi, Rouhani expressed satisfaction over growing relations between Tehran and New Delhi, the president’s official website reported.

He emphasized that Tehran welcomes development and deepening of the inclusive relations with India as a friendly country in the region and is ready for strategic cooperation with the country.

Rouhani welcomed India’s active participation in the development project of Chabahar Port, saying, “Chabahar Port, as a bridge between India to Afghanistan and Central Asia to Eastern Europe, can strengthen the historical and commercial relations between the two countries and the region more than ever.”

Referring to the importance of the role of banking cooperation in developing economic relations, the president emphasized that the implementation of the recent agreements signed between the two countries in New Delhi should be accelerated, describing the implementation of those plans as a step towards further development of relations between the two nations.

The Indian prime minister highlighted the importance and special status of Chabahar Port for the development of regional cooperation.

President Rouhani also held separate meeting with Mongolian President Khaltmaagiin Battulga.

Rouhani welcomed development of Tehran-Ulaanbaatar relations in all areas, saying: “Tehran is ready to develop and strengthen its economic and trade relations with Mongolia, and all existing capabilities and opportunities must be tapped to deepen relations.”

He said Tehran encourages the Iranian private sector and businessmen to participate in Mongolian development projects. He also said that Iranian investors have the capacity to invest in animal husbandry in Mongolia.

Battulga hailed the relationship between the two countries as developing and said Ulaanbaatar is determined to strengthen its relations with Tehran in all fields, the economy in particular.

Heading a high-ranking delegation, Rouhani has traveled to Qingdao in China’s eastern province of Shandong to participate in the SCO summit at the official invitation of his Chinese counterpart, Xi Jinping.

The Iranian and Chinese presidents on Sunday attended a ceremony in which both countries signed four memorandums of understanding.

India attaches great significance to ties with Kazakhstan. Had a wonderful meeting with President Nursultan Nazarbayev on the sidelines of the SCO Summit, Modi said in a tweet.

Modi met Nazarbayev and invited his country to join the International Solar Alliance, an initiative announced in 2015 whose primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.

"Prime Minister Narendra Modi invited Kazakhstan to join the International Solar Alliance and the President of Kazakhstan responded positively," said Ruchi Ghanashyam, Secretary (West) in the Ministry of External Affairs (MEA).

Modi also met President of Kyrgyzstan Sooronbai Jeenbekov on the sidelines of the summit.

"Glad to have met the President of Kyrgyzstan, Sooronbay Jeenbekov. We deliberated on ways to add strength to our vibrant bilateral partnership," Modi tweeted.

He also held bilateral talks with Mongolia President Mongolia Khaltmaagiin Battulga.

"Strategic partnership based on deep civilizational, historical and cultural linkages! PM Modi met the President of Mongolia Khaltmaagiin Battulga on the sidelines of SCO Summit in Qingdao," said MEA spokesperson Raveesh Kumar.

Modi held nearly half a dozen bilateral meetings with leaders of other SCO countries.

Prime Minister Modi on Saturday had seperate meetings with the President of Uzbekistan Shavkat Mirziyoyev and Tajikistan President Emomali Rahmon on the sidelines of the summit here and discussed a range of topics with them to further strengthen India's ties with the resource-rich Central Asian countries. PTI

The trilateral meeting, the fourth of its kind, was chaired by Chinese President Xi Jinping and attended by Russian President Vladimir Putin and Mongolian President Khaltmaa Battulga.

The leaders reviewed the achievements of trilateral cooperation and discussed priority tasks and directions for the next phase.

Since the heads of state of China, Russia and Mongolia held their first meeting more than three years ago, the three countries have centered on aligning China's Belt and Road Initiative with Russia's development strategies, especially its transcontinental rail plan, and Mongolia's "development path" initiative, deepened cooperation and yielded results, said Xi.

The three countries are neighbors and traditional strategic partners to each other, and enjoy natural advantages and a good foundation for cooperation, he said.

As the economic globalization and regional economic integration deepen, the three countries should jointly pursue integrated, win-win development and set an example of cooperation among neighboring countries, said Xi.

For the next phase, the three sides should deepen political mutual trust and strategic coordination, enhance mutual support, respect the core interests of each other, take into consideration each other's major concerns, strengthen coordination and cooperation in regional and international affairs, and steer the course of trilateral cooperation politically, Xi stressed.

The Chinese president said the three countries should push the construction of the China-Mongolia-Russia economic corridor, actively explore cooperation in areas such as infrastructure interconnectivity, and promote sub-regional cooperation in adjacent areas of the three countries.

The cooperation and coordination within the framework of the SCO should be expanded, said Xi.

The level of Mongolia's ties with the SCO should be lifted and Mongolia is welcome to participate in SCO cooperation in a more in-depth way, said Xi.

Russia agreed to strengthen trilateral cooperation in transport, infrastructure, customs and tourism, and facilitate trade and personnel exchanges, said Putin.

Battulga said that it is Mongolia's top priority to develop friendly cooperation with the two permanent neighbors of China and Russia.

Mongolia stands ready to work with China and Russia to implement trilateral cooperation consensus and launch the China-Mongolia-Russia economic corridor construction as early as possible, while promoting cooperation in sectors such as infrastructure and energy transportation, said Battulga.

Putin and Battulga are in Qingdao for the 18th Shanghai Cooperation Organization summit.