D.Munkhtur, Deputy Head of the Food Revolution NGO, raised concerns over Mongolia’s trade agreements during a discussion on the Economic Partnership Agreement with the Republic of Korea.
Munkhtur criticized the lack of macro-level research before signing trade agreements with developed countries, citing Mongolia’s previous economic agreement with Japan as an example. Over the past decade, Mongolia’s imports from Japan have surged from $300 million to over $1 billion, while exports remain stagnant at just $10 million. He pointed out that despite Japan’s humanitarian assistance, it primarily benefits from exporting used Prius cars to Mongolia, making the country the third-largest importer of Japanese vehicles.
He further warned that Mongolia's agricultural sector could suffer if trade agreements are not carefully negotiated, referencing past procedural errors by the Ministry of Economy and Trade. Instead of unbalanced agreements, D.Munkhtur advocated for securing guaranteed purchases of Mongolian products, such as animal feed, in the deal with South Korea, which could potentially generate $500 million in trade annually.
L.Enkh-Amgalan, Head of the Macroeconomic Policy Department at the Ministry of Economy, Trade, and Industry, defended the agreement with South Korea, stating that adjustments were made to reduce stringent input requirements for Mongolian exports. He emphasized that a preliminary study indicated economic benefits for Mongolia, leading to the government's decision to proceed with the agreement.
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Published Date:2025-03-13