Russian Deputy Prime Minister Alexei Gordeyev and his Mongolian counterpart U.Enkhtuvshin have been discussing ways to enhance trade and economic cooperation between the two countries. The two met in Moscow on Tuesday.

During the meeting, the Mongolian Deputy Prime Minister asked Russia to provide financial assistance and the allocation of a preferential loan of USD 1.5 billion for the further implementation of joint projects in the energy sector, including the modernization of Ulaanbaatar’s Heating & Power Plants 3 and 4, the TASS news agency reported.

The main directions of the commission’s work include the building of the Russia-Mongolia-China economic corridor, the preparation for a free trade agreement between the Eurasian Economic Union and Mongolia, cooperation in the agro-industrial, transport and energy sectors, as well as financial support for joint projects, said the statement.

The participants noted that trade between the two countries continues to show positive growth and that progress is observed in almost all joint projects.

The trade volume between Russia and Mongolia in 2017 increased by almost 50 percent to over 1.3 billion U.S. dollars, and grew by some 30 percent in the first half of 2018.