Ulaanbaatar
“APTA and Mongolia” training held
Economy
Ulaanbaatar /MONTSAME/ After a long journey of more than a decade, Mongolia has formally acceded to the Asia-Pacific Trade Agreement (APTA) on September 29, 2020.
The Ministry of Foreign Affairs of Mongolia (MFA) in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Mongolian National Chamber of Commerce and Industry (MNCCI) today organized a training “APTA and Mongolia” in aims of providing national business entities with information and advice on opportunities created with joining the agreement.
The agreement will enter into force on January 1, 2021. Head of Foreign Trade and Economic Cooperation
Department of the MFA V.Oyu said that APTA is a multilateral agreement, which
targeted to carry out specific measures for developing trade and investment
relations among its member states and mitigating barriers encountering in
trade. The two largest trade partners of Mongolia- Russia and China
joined the agreement. Therefore, we expect that it will give positive impacts to
trade making with the two countries at certain level. Especially, coking coal being
exported to China, processed and semi-processed leather goods will enjoy 50
percent tariff discount while cashmere and textile goods will enjoy 35 percent tariff
discount. Moreover, Mongolia will enjoy tariff discount of 5-100 percent on 10,667 types
of products in trade with the six member countries. In addition, joining the agreement
will allow national producers to enter into the market with 2.9
billion consumers.
It is required for the business entities to have a certificate of origin to enjoy the tariff discount. Senior specialist of Customer Service Department of the MNCCI Ts.Khulan noted that it has became available to receive the certificate of origin within 30 minutes. It is open for the entities that submitted their requests online to get the certificate as bringing relevant documents to the MNCCI.
The MNCCI will be providing business entities with information and advice through their website until the agreement comes into effect.
