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Mongolia-Japan trade turnover up by 72.1 percent as result of FTA www.montsame.mn
Ulaanbaatar /MONTSAME/ Mongolia has established its first Economic Partnership Agreement (EPA) or Free Trade Agreement (FTA) with Japan in February, 2015.
Over the two years since the agreement entered into force, trade turnover of the two countries reached USD 98.5 million, showing 72.1 percent growth compared to the period prior to the agreement's realization. In particular, trade turnover of the two countries reached USD 57.2 million in March, 2016, USD 77.6 million in March 2017 and USD 98.5 million in 2018.
Within the agreement, the two countries agreed that the Mongolian side would be exempt from customs duties of 7200 types of goods in 97 groups directly or by stages in 10-year period, while Japan would be exempt 9300 types of goods in 97 groups. A joint commission was set up to realize the agreement and also 13 sub-committees are working in scope of it.
Car, mining heavy trucks and its spare parts are making up the most part of Japanese goods under tariff concessions. As for Mongolia, it exported goods worth of USD 1.842 million to Japan in the first three months of 2018, showing 26.4 percent down compared to the same period of previous year.
B.Batchimeg
Published Date:2018-04-11
