ArmInfo. During its regular session on June 26, the Cabinet of Ministers of Armenia approved a proposal to conclude a temporary trade agreement between the Eurasian Economic Union and its member states, on one hand, and Mongolia, on the other hand.
As stated in the explanatory note to the document, the purpose of the Agreement is to liberalize and simplify trade in goods between the parties, including reducing tariff and non-tariff barriers, supporting trade and economic cooperation and stimulating the expansion and diversification of trade between the parties. The implementation of the Agreement aims to expand and diversify trade between the parties, as well as increase the competitiveness of goods from EAEU member states in the Mongolian market by increasing export volumes.
The opening of the Mongolian market will provide Armenian exporters with more competitive conditions for supplying products exported from Armenia, such as cigarettes (Mongolian rate 30%), cognac (rate 15%), chocolate (rate 5%), mineral water (rate 5%), and canned fruits (rate 5%). The concessions provided by Mongolia to the Armenian side will cover 98% of exports from Armenia to Mongolia. The average customs duty rate on goods exported from Armenia to Mongolia will decrease from 7.5% to 1.2%. As a result, savings due to preferences on customs duties when exporting from Armenia to Mongolia can amount to up to 1 million US dollars annually. The agreement is valid for three years with the possibility to extend for another three years, unless both parties agree otherwise.
