Mongolia-US Transparency Agreement to enter into force

2017-01-20 12:59:31

Ulaanbaatar /MONTSAME/ On January 19, at a ceremony in Washington, Ambassador B.Altangerel and United States Trade Representative Michael Froman signed and exchanged letters certifying that the Mongolia and United States have completed their respective applicable legal requirements and procedures for the Agreement on Transparency in Matters Related to International Trade and Investment between Mongolia and the US of America to enter into force and agreed that the transparency agreement would enter into force in 60 days.

The Mongolia-U.S. transparency agreement applies to matters relating to international trade and investment and includes joint commitments to provide opportunities for public comment on proposed laws and regulations and to publish final laws and regulations.

This publication commitment includes the obligation to publish final laws and regulations in English, which should make it easier for U.S. and other foreign enterprises to do business in, and invest in, Mongolia.

The transparency agreement also commits the two parties to ensure that administrative agencies apply fair, impartial and reasonable procedures and that persons affected by the decisions of administrative agencies have a right to appeal those decisions. Additional commitments address the application of disciplines on bribery and corruption.

During the signing ceremony, Ambassador B.Altangerel and Ambassador Froman reiterated the importance of Mongolia-U.S. trade and economic relations and their mutual desire to continue to promote trade cooperation through the Mongolia-U.S.Trade and Investment Framework Agreement (TIFA).