Kazakh companies will find it easier to enter the Mongolian market. The Senate, the Upper House of the Kazakh Parliament, has ratified an interim trade agreement between the Eurasian Economic Union and Mongolia. It establishes legal conditions for trade liberalization, the removal of technical barriers, and the expansion of economic cooperation between the parties. The document is valid for three years, with the possibility of extension. Under the agreement, import customs duties will be reduced or eliminated on products such as grain, poultry meat, dairy products, oils, confectionery goods, metallurgical and chemical products, and vehicles. In turn, Mongolia will be able to supply horse meat, potatoes, footwear, and wool products.
«Kazakhstan’s export interests are fully protected. Mongolia will abolish customs duties on food and industrial goods. Among the economic benefits for our country are tariff preferences granted by Mongolia, covering 92% of exports from Kazakhstan. As a result, domestic enterprises will be able to save on the payment of import customs duties,» noted Alibek Nautiyev, a member of the Senate, the Upper House of the Kazakh Parliament.
In addition, Mongolia will be required to zero customs
duties on passenger cars, electric vehicles, dump trucks, cargo trucks, fire
engines, trailers and semi-trailers, tanker trucks, as well as certain
components and assemblies imported from the EAEU countries and Kazakhstan. Notably,
Kazakhstan and Mongolia intend to increase their bilateral trade turnover to $500
million.
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