#Mongolia #APTA #China #Trade
Mongolia has joined the Asia-Pacific Trade Agreement (APTA) and is expected to introduce tariff cuts with Member States beginning next year, allowing more benefits to be enjoyed by both Chinese and Mongolian companies and citizens.
Mongolia has joined the Asia-Pacific Trade Agreement (APTA) and is expected to introduce tariff cuts with Member States beginning next year, allowing more benefits to be enjoyed by both Chinese and Mongolian companies and citizens.
Mongolia will reduce tariffs on 366 goods, including seafood products, vegetables , fruit, animal and vegetable oil, minerals, chemical products, wood, cotton yarn, machinery and other goods, according to a statement by China's Ministry of Commerce on Monday.
The average degree of tariff reduction is 24.2 percent. In exchange for this, Mongolia can enjoy the relevant tariff reduction policies of other APTA member countries , including China.
China has been the largest trading partner of Mongolia for years and the second largest source of investment. The amount of trade between China and Mongolia rose 2.1 percent year-on-year to $8.16 billion last year.
In 2019, Chinese investment in Mongolia rose 132 percent year-on-year to $270 million. The APTA is the first preferential regional trade agreement that China has joined. Bangladesh, India, South Korea, Laos, Sri Lanka and Mongolia are among its member countries.
Four rounds of tariff reductions have so far been introduced by the agreement. With an average reduction of 33 percent, six Member States have cut tariffs on more than 10,000 goods.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
