The interim trade agreement between Mongolia and the Eurasian Economic Union (EAEU) will make it possible to increase exports of goods from Mongolia to the Eurasian market by almost a quarter, according to the website of the Mongolian parliament.

According to the website, the chairman of the Mongolian parliament, Nyam-Osoryn Uchral, participated in a business forum organized by EAEU representatives for Mongolian entrepreneurs during his current visit to Russia. Foreign trade and economic cooperation with member states of the union has not yet reached its potential, but this can be corrected through the trade agreement, he said.

"For the full implementation of the agreement, Mongolia, the world's leading producer of cashmere, needs to promptly reduce and eliminate non-tariff barriers to access the Eurasian market. By presenting issues directly affecting trade, such as rules of origin, tariff preferences, customs, technical regulations, standards and certification in a clear, understandable and practical form, Mongolian enterprises will receive real support in accessing the Eurasian market and expanding their export opportunities," Uchral was quoted as saying.

The agreement will not only expand customs and non-tariff norms, but also allow for the development of cooperation between enterprises, reduce complexities at borders and customs, and increase investment flows, he said. As a result, the operating costs of enterprises will decrease, investor confidence will increase, prices for goods and services reaching citizens will fall, and their accessibility will improve.

As reported, a free trade agreement between the EAEU and Mongolia was signed last June in Minsk. The document opens opportunities for duty-free imports on 367 commodity subheadings for each side, for which customs duties will be zeroed or reduced from the moment the agreement enters into force. According to statistics, tariff preferences will cover $2 billion of the EAEU's export supplies to Mongolia, i.e., over 90%. The agreed preferences will allow EAEU companies to save up to $100 million annually.

The agreement is temporary and is concluded initially for three years with the possibility of subsequent extension. The document has already undergone the ratification procedure in Mongolia and Russia; it must also be ratified by other member countries of the union. In Russia, it is expected that the procedure will be completed no later than mid-2026.

Published Date:2026-02-11