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Japan, Mongolia To Negotiate Trade Treaty

by Mary Swire, Tax-News.com, Hong Kong

14 March 2012


A statement, following a meeting in Tokyo on March 12 between the Mongolian Prime Minister Sukhbaatar Batbold and his Japanese counterpart Yoshihiko Noda, confirmed that the two countries will enter into negotiations for an Economic Partnership Agreement (EPA) as soon as possible.

While welcoming the developing economic cooperation between Japan and Mongolia in the past, the two leaders acknowledged the importance of providing further impetus to their bilateral trade and investment.

The joint study group for a Mongolia-Japan EPA, consisting of delegates from business, academia and government officials, had provided a positive report one year ago, but that any further talks had then been interrupted by the Japanese earthquake and tsunami.

Taking into account the complementary structures of the two economies, the two leaders shared the view that the conclusion of an EPA, which would be a first trade treaty for Mongolia, could be of benefit to both economies.

Japan would look to increase its imports from Mongolia of the latter’s mineral resources, including copper, coal and rare earths, while it could also increase its exports of industrial products, including automobiles. As well as providing an export market, Japan could provide useful investment capital for Mongolia in developing those natural resources, as well as for infrastructural development.

TAGS: tax | free trade agreement (FTA) | mining | trade treaty | Mongolia | agreements | trade | Japan

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