ULAANBAATAR – Today, the United States and Mongolia convened the seventh meeting of the U.S.-Mongolia Trade and Investment Council, established under the U.S.-Mongolia Trade and Investment Framework Agreement (TIFA), to discuss opportunities for deepening bilateral trade and investment ties between the two countries. The meeting was co-chaired by Terry McCartin, Assistant U.S. Trade Representative, and Sainbuyan Amarsaikhan, Deputy Prime Minister of Mongolia.
During the meeting, the United States and Mongolia welcomed the 36th anniversary of diplomatic relations between the two countries. They also referenced the Joint Statement on the Strategic Third Neighbor Partnership between the United States of America and Mongolia, which was issued earlier this month after Vice President Kamala Harris welcomed Prime Minister Oyun-Erdene Luvsannamsrai to Washington, D.C., as well as the Economic Cooperation Roadmap for the Strategic Third Neighbor Partnership between the Government of Mongolia and the Government of the United States of America.
The United States and Mongolia highlighted the positive role that Trade and Investment Council discussions can play in supporting Mongolia’s efforts to foster its economic development and a prosperous market-based economy. They also discussed a range of bilateral trade and investment issues, including transparency, good regulatory practices, the investment climate, intellectual property rights protection and enforcement, economic diversification, regional initiatives, and trade promotion.
The United States will host the next meeting of the Trade and Investment Council in Washington, D.C.
Background
The U.S.-Mongolia Trade and Investment Council was established pursuant to the TIFA signed by the United States and Mongolia in 2004. It is the primary mechanism for trade and investment discussions between the two countries.
Total bilateral trade in goods was $175 million in 2022. U.S. goods exports to Mongolia in 2022 were $149 million, up 0.2 percent from 2021 but down 78 percent from 2012. Imports of goods from Mongolia were $26.4 million in 2022, a 365 percent increase from 2021. The stock of U. S. foreign direct investment (FDI) in Mongolia was $680 million as of Q1 2023, holding steady over the 2020-2023 period.
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