Mongolia’s State Great Khural has ratified a Temporary Trade Agreement between Mongolia and the Eurasian Economic Union (EAEU), enabling duty-free exports for 367 categories of goods that were previously subject to customs tariffs.
The agreement also allows Mongolia to import, without customs duties, 367 types of food products not produced domestically, along with heavy machinery, industrial equipment, chemical products and nitrogen fertilizers from EAEU member states.
According to the government, the deal is expected to support the expansion of non-commodity exports, boost employment and enhance overall economic activity. Customs clearance procedures are set to be reduced to up to four hours. For goods valued at up to €5,000, exporters will only be required to submit a certificate of origin, significantly easing administrative requirements for businesses.
The agreement is limited strictly to the 367 listed goods and does not cover investment flows, trade in services, banking operations or payment systems. Key benefits include closer cooperation between customs authorities, faster processing times, lower trade costs and the removal of external trade barriers.
The temporary agreement has been concluded for a three-year period and will be automatically extended unless the parties decide otherwise.
In 2024, Mongolia conducted trade with 162 countries worldwide. Total foreign trade turnover reached USD 27.4 billion, including exports of USD 15.8 billion and imports of USD 11.6 billion, resulting in a trade surplus of USD 4.2 billion.
