Mongolia-EAEU trade deal cuts tariffs on 367 goods
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A temporary trade agreement between Mongolia and the Eurasian Economic Union (EAEU) entered into force on July 22, eliminating or reducing import tariffs on 367 product categories. The deal covers 97.5% agricultural and livestock products from Mongolia, with full tariff removal on leather, wool, and cashmere goods and 50% cuts on selected items.
Tariff Elimination Scope
The agreement eliminates import tariffs on 367 product lines from Mongolia, with 97.5% being agricultural and livestock products. Full tariff removal applies to finished leather, wool, and cashmere goods, while certain other items receive a 50% reduction. Previously, Mongolian exports faced tariffs of 15-50% under EAEU rules.
Expected Economic Impact
Mongolian authorities project that the deal could double the country's exports to the EAEU within three years, generating $150 million in additional revenue. The agreement provides domestic entrepreneurs access to a larger market of roughly 180 million consumers across EAEU member states, including Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
Agreement Duration and Review
The temporary trade pact remains in force for three years, with automatic renewal unless a party submits a cancellation proposal. The EAEU and Mongolia have also committed to further negotiations on a permanent free trade agreement during this period.
What's Next
The EAEU and Mongolia are expected to begin talks on a permanent free trade deal within the next year. It remains unclear whether the temporary agreement will be extended or replaced by a broader accord, as both sides assess trade flows and compliance with the four conditions attached to the tariff preferences.
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Mongolia-EAEU trade deal cuts tariffs on 367 goods
