NEGOTIATIONS FOR MONGOLIA-KOREA ECONOMIC PARTNERSHIP AGREEMENT (EPA) SET TO COMMENCE

The Governments of Mongolia and the Republic of Korea are pleased to announce that negotiations for the Mongolia-Korea Economic Partnership Agreement (EPA) are ready to commence. The significant milestone comes after both sides reaffirmed their commitment to deepen economic ties and enhance economic cooperation during the visit of Mr. L.Oyun-Erdene, Prime Minister of Mongolia, to the Republic of Korea in February 2023.  

During the visit, a Joint Statement “On the initiation of negotiations on the establishment of an Economic Partnership Agreement between Mongolia and the Republic of Korea” was signed by Mr. Ch.Khurelbaatar, the Deputy Prime Minister and Minister of Economy and Development of Mongolia, and Park Il-Joon, Deputy Minister of Trade, Industry and Energy of the Republic of Korea.

Following the signing of the Joint Statement, dedicated officials from Mongolia and Korea diligently collaborated on the working level to finalize the draft of the Terms of Reference (TOR). The TOR serves as a crucial document that outlines the scope, objectives, and parameters of the EPA.

On the 26th of September 2023, Mr. I.Batkhuu, the State Secretary of the Ministry of Economy and Development of Mongolia, and Dr. Changyong Ahn, Director General for FTA Policy of the Ministry of Trade, Industry and Energy of the Republic of  Korea, officially signed the Terms of Reference, providing clarity on the direction of the negotiations.

The signing of the Terms of Reference (TOR) marks the official commencement of negotiations for the Economic Partnership Agreement, and the Parties have mutually agreed to hold the first round of negotiations in December 2023 in Seoul, Republic of Korea.

The primary objective of the Mongolia-Korea EPA is to strengthen economic ties between the two nations. It aims to promote trade and investment, facilitate market access, and enhance economic cooperation, ultimately fostering mutual economic growth and prosperity.

The Mongolia-Korea EPA negotiations represent a significant opportunity for both countries to further enhance their economic relationship, promote sustainable development, and create new avenues for collaboration. The negotiations will be conducted with a spirit of cooperation and mutual benefit, with the ultimate goal of achieving a comprehensive and mutually advantageous agreement.