AKIPRESS.COM - Chinese and Mongolian officials announced that the two countries have agreed to officially launch a joint feasibility study of a free trade area (FTA) next month.

When making the announcement at a joint press session with Mongolian Foreign Minister Damdin Tsogtbaatar, visiting Chinese Foreign Minister Wang Yi said that the two sides will jointly promote free trade and resist protectionism in order to preserve global multilateral trade, which is at the core of the World Trade Organization.

Tsogtbaatar and  Wang Yi also signed a Memorandum of Understanding between the governments of Mongolia and China on marking the 70th anniversary of diplomatic relations of the two countries and ‘2019-2020 Cooperation Plan’ between the Foreign Ministries. 

"2019 marks the 70th anniversary of establishment of diplomatic relations. China is a country that recognized sovereignty of Mongolia and Mongolia backed China on strengthening its position at the United Nations," Tsogtbaatar said.

“During the talks, we agreed that China would augment its investment to sectors except mining when increasing its investment to Mongolia. An action of establishing Free Trade Agreement is starting. We also agreed to launch cooperation in ZamynUud-Erenhot zones. The sides review that the visit is effective to activate and continue friendly ties between Mongolia and China,” said Tsogtbaatar.

Wang Yi said for his part that the two countries will develop their ties within the Belt and Road initiative.  According to him, the parties agreed to respect national interests of each other, to protect political foundations of both sides, to implement the Belt and Road in line with the Development Road Program of Mongolia and come up with an action  plan to deepen mutually beneficial cooperation.

"Both sides will work on bringing bilateral trade turnover to $10 billion by 2020. In addition, China is willing to accept Mongolia’s proposal to increase the export of agricultural and mining products,” said Wang Yi.

Chinese Foreign Minister Wang Yi also met with President of Mongolia Khaltmaa Battulga and Speaker of the Parliament M.Enkhbold.