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MONGOLIA’S TRADE POLICY REVIEWED BY WTO

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With Mongolia's accession to the World Trade Organization (WTO), Mongolia’s foreign trade policy and its implementation at the national level should be in line with the policy documents issued by that organization. The WTO has been reviewing trade policies of their Member countries periodically (at regular intervals) depending on their economic development, assessing the implementation of the General Agreement on Tariffs and Trade and other agreements, and giving recommendations with definite deadlines.

The third review of the trade policies and practices of Mongolia takes place on 17 and 19 March 2021.

The Mongolian delegation to the Meeting was headed by the Minister for Foreign Relations Ms. B.Battsetseg. The Meeting was chaired by the Ambassador of Iceland Mr. Herald Aspelund and moderated by the Ambassador of Malaysia H.E. Dr. Rashidi Said.

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The Mongolian Report to the Meeting had included all actions taken by the Mongolian Government for the last 7 years in the area of its foreign trade legal environment, changes to it, Customs Reform and Modernization programs, Customs tariff and non-tariff regulations, and measures to facilitate foreign trade as well as the implementation of Mongolia’s commitments arising from the WTO legal instruments.

Delegates from 21 countries made remarks during the meeting aside from over 300 questions that had been sent earlier from 16 WTO member states concerning the report on Mongolia’s trade policies.

Appraising that Mongolia is making its contribution in strengthening the multi-partite trade system by implementing open and free trade policy, the member states pointed out that the Mongolian government has been maintaining an active policy on economic diversification, trade facilitation, and promotion of export-oriented production. Concurrently with it, the countries underlined the necessity of ensuring transparency in the investment environment and trade policy and coordination, improving government’s engagement in the economy as well as upgrading technical regulation in trade.

The first and second review of the trade policies and practices of Mongolia took place in 2005 and 2014 respectively.

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