Armenia-Mongolia Trade Agreement to Be Signed
Armenia-Mongolia trade relations are set to undergo changes, resulting in greater liberalization of trade between the two parties. The agreement to be signed between the two countries will regulate several issues related to economic cooperation, including facilitating mutual trade, customs regulations, sanitary and phytosanitary measures, e-commerce, and more.
Certain products have been designated for each party, for which tariff concessions will be applied. Armenian exporters will benefit from more competitive conditions for several key products, such as tobacco (Mongolia’s rate is 30%), brandy (rate is 15%), chocolate (rate is 5%), mineral water (rate is 5%), and canned fruits (rate is 5%).
The average customs tariff rate for goods exported from Armenia to Mongolia will decrease from 7.5% to 1.2%.
According to the State Revenue Committee, Armenia exports oils, canned goods, juices, toys, mineral, and carbonated beverages to Mongolia. Armenia imports clothing, machinery, leather products, and more from Mongolia.
The agreement will be signed for a duration of three years.