Earlier today, Mongolian Prime Minister U.Khurelsukh  expressed strong expectations for a trade deal with South Korea, in the latest push to boost bilateral trade and investment.

U.Khurelsukh said an economic partnership agreement will serve as a gateway for South Korea to make inroads into Central Asia and Europe while helping Mongolia advance into the Asia-Pacific region. He made the comments at a business forum held in central Seoul. The Mongolian premier arrived in Seoul on Monday for a three-day visit; he has already met with South Korean President Moon Jae-in.

In 2016, South Korea and Mongolia began talks on a bilateral economic partnership agreement, which is similar to a free trade deal and focuses on the industrial and investment sectors. The Korea Chamber of Commerce & Industry said economic cooperation between the two countries could grow as the two sides have complementary economic structures.

Mongolia is rich in natural resources, while South Korea is a manufacturing powerhouse. Bilateral trade volume stood at $200 million in 2017, a dramatic increase from $2.7 million in 1990.