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AKIPRESS.COM - IFC, a member of the World Bank Group, signed a memorandum of understanding (MoU) with Mongolia’s Ministry of Foreign Affairs today, to implement the trade facilitation reform and enhance the competitiveness of Mongolia’s agricultural exports, the IFC said.
IFC will help the Ministry of Foreign Affairs establish the Mongolia Trade Information Portal, an on-line repository for all trade-related regulations. The project will also help streamline trade and customs regulations, simplify border inspection practices, as well as enhance private sector capacity to meet export requirements in the next five years.
D. Tsogtbaatar, Foreign Minister of Mongolia, said: “Trade facilitation is a cornerstone of the government’s trade and economic development agenda. We believe it will greatly assist Mongolia in reaching our goal of increasing Mongolia’s export. The government of Mongolia appreciates the World Bank Group’s support in reducing trade costs, and simplifying trade procedures, which have been a bottleneck for Mongolian businesses.”
This project is part of the World Bank Group’s holistic approach in Mongolia to support export diversification, especially agri-livestock. The World Bank is assisting exporters by providing export insurance and capacity-building grants through its Export Development Program. This IFC project will also work with industry players to help primary agri-producers to meet export standards. Last year, IFC completed a comprehensive report with recommendations on how Mongolia’s agriculture sector can draw foreign direct investment to enter the global value chain.
“A transparent and modern trade facilitation system will enable Mongolian businesses, especially agribusiness, to trade more easily with their foreign partners, improving Mongolia’s overall export competitiveness,” said Tuyen D. Nguyen, IFC Resident Representative for Mongolia. “The World Bank Group will continue to support the government of Mongolia in its efforts to improve the country’s business environment and diversify exports.”
The agriculture sector is central to Mongolia’s economy, with meat and dairy products contributing 61 percent of livestock output and 7 percent of the country’s GDP.
This project will be delivered by IFC advisory services through the Macroeconomics, Trade & Investment Global Practice of the World Bank Group.