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Mongolia Accedes To the Asia-Pacific Trade Agreement as Its Seventh Member

2020/10/04 0

After a long journey of more than a decade, Mongolia has formally acceded to the Asia-Pacific Trade Agreement (APTA) on 29th of September 2020. APTA represents the first regional trade agreement of Mongolia with developing countries.

Participation in APTA will enable Mongolia to enjoy reduced tariff barriers as well as enhance its market access to South, South-West and South East Asia as well as to China, the country’s biggest trading partner. It also provides Mongolia an opportunity to upgrade its capacity in trade negotiation and development and enhanced preparation for future negotiations with other trading partners in regional trade agreements.

“With its accession to the Asia-Pacific Trade Agreement, Mongolia believes that this will help the country to further expand its trade and economic cooperation with the member nations, contribute to diversification of its economy as well as more active involvement in regional integration processes,” said H.E. Mr. Tumur Amarsanaa, Ambassador of Mongolia to the Kingdom of Thailand.

Established in 1975 under the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), APTA is one of Asia’s oldest regional trade agreements. By depositing the instrument of accession, Mongolia will become the seventh member of the Agreement, which includes China and five original members: Bangladesh, India, the Lao People’s Democratic Republic, the Republic of Korea and Sri Lanka.

Moving forward, ESCAP will organize a hybrid workshop in Mongolia on 12 October to support smooth implementation of APTA. During the workshop, the overview and details of APTA will be presented with member countries sharing experiences and opportunities.

Source: unescap.org