AKIPRESS.COM - The United States and Mongolia convened the 7th meeting of the U.S.-Mongolia Trade and Investment Council, established under the U.S.-Mongolia Trade and Investment Framework Agreement (TIFA), to discuss opportunities for deepening bilateral trade and investment ties between the two countries, the Office of the U.S. Trade Representative says.

The meeting was co-chaired by Assistant U.S. Trade Representative Terry McCartin and Deputy Prime Minister of Mongolia Sainbuyan Amarsaikhan.

During the meeting, the U.S. and Mongolia welcomed the 36th anniversary of diplomatic relations between the two countries.

They also referenced the Joint Statement on the Strategic Third Neighbor Partnership between the USA and Mongolia, which was issued earlier this month after Vice President Kamala Harris welcomed Prime Minister Oyun-Erdene Luvsannamsrai to Washington, D.C., as well as the Economic Cooperation Roadmap for the Strategic Third Neighbor Partnership between the government of Mongolia and the government of the U.S.

The USA and Mongolia highlighted the positive role that Trade and Investment Council discussions can play in supporting Mongolia's efforts to foster its economic development and a prosperous market-based economy. 

They parties also discussed a range of bilateral trade and investment issues, including transparency, good regulatory practices, the investment climate, intellectual property rights protection and enforcement, economic diversification, regional initiatives, and trade promotion.

The United States will host the next meeting of the Trade and Investment Council in Washington, D.C.

The U.S.-Mongolia Trade and Investment Council was established pursuant to the TIFA signed by the United States and Mongolia in 2004. It is the primary mechanism for trade and investment discussions between the two countries.

Total bilateral trade in goods was $175 million in 2022. U.S. goods exports to Mongolia in 2022 were $149 million, up 0.2% from 2021 but down 78% from 2012. Imports of goods from Mongolia were $26.4 million in 2022, a 365% increase from 2021. The stock of U.S. foreign direct investment (FDI) in Mongolia was $680 million as of the first quarter of 2023, holding steady over the 2020-2023 period.