Mongolia completed legal procedures for ensuring pending implementation of Economic Partnership Agreement

Odonchimeg 2016-03-14 06:03

Economy

Mongolia says completing legal procedures for ensuring required domestic law alterations in respect of the pending implementation of the Economic Partnership Agreement .

Mongolia says completing legal procedures for ensuring required domestic law alterations in respect of the pending implementation of the Economic Partnership Agreement (EPA) with Japan. As required, prior to making effective the EPA Mongolian parliament approved the amendments to the Law on Excise Tax and the parliamentary resolution on designating amounts of customs duty on imported goods. Thus Mongolia officially informs the Japanese side that the Mongolian side has fulfilled the required procedures under the agreement with Japan. Japan has still certain procedures to complete. After that, the agreement parties will exchange notes, declaring effectiveness of the EPA. The Economic Partnership Agreement which was inked in Tokyo in February past year envisages removing tariffs on about 96% of the combined total value of trade between the two countries over the next decade. After becoming effective the free trade agreement with Japan would open up opportunities for Mongolia to join the regional economic integration and would significantly contribute to enriching the nation’s Third neighbor policy with economic content.