Five months ago, the Economic Partnership Agreement was signed by the Prime Ministers of Mongolia and Japan for liberalising and facilitating trade in goods and services between the two countries. The agreement makes it possible to remove or decrease tariffs on exports of nearly 5700 diversified products of 97 categories from Mongolia to Japan as well as 9300 diversified products of 97 categories from Japan to Mongolia. From the day that the agreement enters into force, Mongolia will remove 59% of the imports tariff on 3429 diversified products, whilst Japan will reduce the tariff by 86% on 8000 different products.

Since February, a total of 29 Mongolian companies such as ‘Gobi’, ‘Erdenet Carpet’ and Cashmere Holding LLC have obtained certificates of origin from the Mongolian National Chamber of Commerce and Industry to export their products to Japan. Under the agreement, 40 traditional  Mongolian products such as cashmere, fur, leather, seabuckthorn and noodles will be exported to Japan.

No less than 80% of all Mongolian imports from Japan are automobile related. So, as a part of the agreement, Mongolia will remove the tariff on imports of cars of up to 3 years of age and reduce the tariffs on 4-6 year old cars.