The Council of the European Union during its meeting held on October 9, 2017 adopted a decision on the conclusion of the framework Agreement on Comprehensive Partnership and Cooperation (PCA) between Mongolia and the European Union signed in 2013. The PCA between Mongolia and the EU was endorsed by the respective parliaments of all member states of the European Union as well as received consent from the European Parliament in February, 2017. The agreement will enter into force on November 1st, 2017.
The Partnership Cooperation Agreement provides a general framework for promoting bilateral, regional and international cooperation between Mongolia and the European Union in all areas of cooperation, such as trade and economy, development aid, agriculture, rural development, energy, climate change, research and innovation, education and culture.
The agreement consists of 65 Articles which include cooperation areas of mutual interest in economy, financial services, tax, industrial policy and small and medium-sized enterprises, science, technology, education, culture, energy, transport, environment, agriculture, development of rural areas, public health, social protection and statistics. The decision of the European Union to open its Delegation in Ulaanbaatar and entry into force of the Partnership Cooperation Agreement between Mongolia and the European Union will serve a strong testimony to the growing importance of Mongolia- EU relations.
With the establishment of PCA’s with regional countries, the European Union aspires to support building a strong free market economy, a healthy climate for business and foreign investments and provide aid in fostering trade relations. At present, the European Union has established partnership cooperation agreements with more than ten countries such as Russian Federation, Philippines, Kazakhstan and Ukraine.