AKIPRESS.COM - Representatives of Mongolia and the United States held the 4th bilateral Economic Policy Dialogue on February 2 in Washington, D.C. This event is aimed at strengthening the U.S.-Mongolia strategic partnership and economic relationship, U.S. Department of State said.

The two nations discussed joint responses to economic challenges, explored opportunities to deepen bilateral trade and investment, and decided to pursue cooperation in key areas, including critical minerals, clean energy, and the digital economy.

U.S. Principal Deputy Assistant Secretary of State for Economic and Business Affairs Whitney Baird and State Secretary of the Ministry of Foreign Affairs of Mongolia Ankhbayar Nyamdorj co-chaired the dialogue.

U.S. participants included representatives from the Department of State, National Security Council, U.S. Agency for International Development (USAID), Millennium Challenge Corporation, Office of the U.S. Trade Representative, Department of Commerce, Department of Agriculture, Department of the Treasury, U.S. International Development Finance Corporation, Export-Import Bank, Transportation Security Administration, and Federal Aviation Administration.

Mongolian participants included representatives from the Ministry of Foreign Affairs, Ministry of Food, Agriculture and Light Industry, Ministry of Economy and Development, Ministry of Energy, and Ministry of Mining and Heavy Industry.

The two nations reaffirmed their strong desire to build on the overall U.S.-Mongolia strategic partnership, deepen the economic relationship in areas of mutual interest, and pursue opportunities for cooperation through existing and new mechanisms, including capacity building and trade promotion.

They further reiterated the importance of strengthening Mongolia’s business climate, including through full implementation of the United States-Mongolia Agreement on Transparency in Matters Related to International Trade and Investment.

Both sides noted with satisfaction the signing of a Memorandum of Consultations (MOC) marking the successful negotiation of an Air Transport Agreement between the governments of the United States and Mongolia on January 24.

The two nations discussed potential collaboration on projects to advance Mongolia's economic development, diversification, and independence, with a focus on renewable energy and energy security, critical minerals, transportation, food security, intellectual property rights, and the digital economy.

The two sides also reviewed joint development programs, including the up to $462 million Millennium Challenge Corporation Water Compact, which entered into force in March 2021 and will expand Ulaanbaatar’s water supply by more than 80%. They noted the USAID Mongolia Energy Governance program, which will promote the development of a modern energy sector and facilitate sustainable and inclusive economic growth.

The two countries reviewed their 2018 Roadmap for an Expanded Economic Partnership and expressed mutual intent to update it to reflect the broadening scope of bilateral cooperation by including new areas and opportunities for partnership.

The U.S. and Mongolia decided to maintain the exchange of high-level visits, including holding the next Annual Bilateral Consultations and strategic dialogue in 2023 in Washington, D.C.