AKIPRESS.COM - Mongolia has officially joined the Services Trade Policy Database (STPD), a joint initiative led by the World Trade Organization and the World Bank, to promote the service sector and make its role in economic development more transparent and open, Montsame reported.

Under the initiative of the Ministry of Foreign Affairs of Mongolia, Tugs & Co. Law Firm conducted the research required for joining the STPD and presented the report at a conference held at the Ministry of Foreign Affairs of Mongolia. At the conference, over 60 representatives from the government, international organizations, the private sector, and academia participated in discussions.

The services sector plays a crucial role in Mongolia's economic development, contributing to GDP growth, job creation, and international competitiveness. Participants of the conference emphasized that in an increasingly interconnected global economy, aligning Mongolia's services trade policy with international frameworks is essential.

Additionally, WTO representatives Joscelyn Magdeleine and Laura Baiker participated virtually, highlighting that Mongolia has become the 135th country to join the database. They reaffirmed their commitment to continue providing support, guidance, and recommendations throughout Mongolia's integration process.

The Ministry of Foreign Affairs, in collaboration with Tugs & Co Law Firm and the Trade-Related Assistance for Mongolia Project of the European Union, plans to complete the full integration of Mongolia's services sector data into the database by March 2025.