Trade with Russia and China to boost
Trade with Russia and China to boost.
Trade with Russia and China to boost. The Asian Development Bank (ADB) approved a $27 million loan to support more efficient and less costly trade flows across three major border crossing points in Mongolia, paving the way for increased trade with neighboring People’s Republic of China (PRC) and the Russian Federation. The project will finance infrastructure and equipment at the three border points of northern, eastern, and south eastern Mongolia, expanding handling capacity and allowing customs officials to work more efficiently. Assistance will also be given to upgrade the existing Customs Automated Information System, and conduct preparatory work for the establishment of a single-window system for trade-related regulatory requirements. The project will help reduce the cost and time of compliance with trade procedures, resulting in faster and greater trade volumes and increased competitiveness for Mongolian exports. The selected border crossings are situated along economic corridor routes being developed by country members of the Central Asia Regional Economic Cooperation (CAREC) Program, including Mongolia. ADB supports CAREC’s development of the corridors through a range of activities such as infrastructure investments and trade facilitation initiatives.
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