On 8th of May 2016, Governments of Mongolia and Japan exchanged note verbale on enforcement of the Mongolia-Japan Economic Partnership Agreement /EPA/. Accordingly, the agreement will enter into force starting from 7th of June 2016 – after 30 days from the date the note verbale was exchanged.
The agreement will boost trade in goods and services, increase investments and people-to-people relations between the two countries. It is also significant for Mongolia in joining the regional economic integration. The agreement enables Mongolia to attract investment and adopt know-how from Japan, export its goods and services to Japan and third markets and to further join regional Production Network and Economic Connectivity.
The agreement covers liberalization of 5700 tariff lines from Mongolian side and 9300 tariff lines from Japanese, enabling Mongolian businessmen to supply goods originated from Mongolia to Japanese market using the preferential tariff rate.