The Agreement, which was signed on 30 April 2013, replaces the 1993 Agreement on trade and economic cooperation between the European Economic Community and Mongolia.

The High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the European Commission, Federica Mogherini said: "The European Union and Mongolia are consolidating their strong ties, based on shared values and interests, and a common will to work more closely together. The entry into force of our Partnership and Cooperation Agreement, combined with the establishment of a European Union Delegation in Ulaanbaatar, which will take place in the coming days, consolidates existing areas of cooperation and engagement, and deepens and diversifies relations further in areas of mutual interest, for the sake of our peoples."

The Partnership and Cooperation Agreement strengthens the existing relationship between the European Union and Mongolia and builds on a shared commitment towards good governance, human rights and sustainable development. Moreover, the Agreement will broaden cooperation in a wide range of areas, such as sustainable development, raw materials, climate change, justice and security, human rights, science and technology, good governance, as well as facilitate trade and investment. The Partnership and Cooperation Agreement brings on board the European Union and all of its Member States, therefore providing opportunities to create synergies between EU activities and individual Member States' policies.

The entry into force of the Partnership and Cooperation Agreement coincides with the opening of an EU Delegation in Mongolia, for which implementing the Agreement will be a top priority.