A ROADMAP FOR EXPANDED ECONOMIC PARTNERSHIP BETWEEN MONGOLIA AND THE UNITED STATES OF AMERICA

Fact Sheet
Office of the Spokesperson
Washington, DC
September 20, 2018

Mongolia and the United States have committed to pursue and implement this roadmap for the benefit of the peoples of Mongolia and the United States in the following ways:

Global trade

Mongolia and the United States remain committed to implementing their obligations under the WTO Agreement on Trade Facilitation, and the two sides re-affirmed their commitment to cooperate in seeking market-opening outcomes in the WTO.

Regional economic cooperation

The two sides, re-confirming their shared values and interests in a more inclusive, prosperous, and market-oriented region free from economic coercion, announced their intent to provide mutual support, through information sharing and cooperation, as appropriate, in regional economic platforms.

Bilateral trade and investment

Mongolia and the United States re-affirmed their intent to deepen their bilateral commercial relationship through full implementation of their obligations under the United States-Mongolia Transparency Agreement;

The two sides expressed a shared desire to further promote transparency, protect intellectual property rights, and prevent corruption in matters related to international trade and investment, recognizing them as stumbling blocks to achieving healthy economic growth and development;

With a view to encouraging the establishment of a bilateral dialogue to foster the robust and full implementation of the WTO Trade Facilitation Agreement, both sides shared their intent to work towards identifying sources of capacity building and technical assistance available by donors; and

The two sides intend to seek new opportunities to increase mutually beneficial bilateral trade that is free, fair, and reciprocal, and to promote the introduction of new sectors and areas of bilateral trade, including by leveraging U.S. EXIM Bank and the Overseas Private Investment Corporation for infrastructure development, as appropriate.

Dialogues and mechanisms

Mongolia and the United States welcome and commit to strengthening the existing bilateral dialogues and mechanisms for economic and trade engagement, which include:

  • The Economic Policy Dialogue;
  • Meetings of the U.S.-Mongolia Trade and Investment Framework Agreement, under the Agreement Between the Government of the United States of America and the Government of Mongolia Concerning the Development of Trade and Investment Relations;
  • The Energy Cooperation Dialogue;
  • The exchange of businesses through U.S. Department of Commerce trade missions to Mongolia and other trade events;
  • Capacity building programs, including the U.S. Department of Commerce’s Commercial Law Technical Assistance Program and the U.S. Treasury’s assistance in improving Mongolia’s anti-money laundering and countering the financing of terrorism system; and
  • Business events, such as business forums and roundtables, by the Mongolian National Chamber of Commerce and Industry, the American Chamber of Commerce, and other organizations.

Natural resources

As countries abundant in natural resources, Mongolia and the United States intend to endeavor to create all the necessary conditions towards converting natural resources into wealth for the peoples of the both countries, including through close cooperation in the areas of:

Agriculture

Convinced that the agricultural sector is a significant factor in the necessary diversification of Mongolia’s economy, the two countries intend to support its development by seeking opportunities for collaborative agricultural research and other activities aimed at sustainable production of a safe and abundant food supply for consumption and export;

Water

Recognizing that a lack of sustainable sources of water supply constrain Mongolia’s ability to support private-sector led economic growth, the two countries intend to maintain support for the Millennium Challenge Corporation’s Second Compact, including its infrastructure development and policy reforms that enhance the long-term sustainability of Ulaanbaatar’s bulk water supply;

Energy

Aware of the potential of Mongolia’s energy sector to become a source of economic growth, and with the view to expanding Mongolia’s domestic sources of sustainable energy, the two countries desire to continue energy collaboration through existing bilateral, regional, and multilateral engagement structures, including the Energy Cooperation Dialogue; and

Mining

Welcoming the mining sector as a strong contributor to economic growth, Mongolia and the United States, as two countries with advanced experience and infrastructure in this sector, intend to continue their cooperation by encouraging newer areas and opportunities for cooperation and through exchanges of experiences and advanced technologies, as well as best practices.

Financial services

Mongolia and the United States remain aligned on the goals of combating corruption and money laundering. Both countries affirm their support for a resilient international financial sector.

Infrastructure

The two countries seek to support the expansion of quality infrastructure, including digital, in order to facilitate and improve economic growth in both countries; and

Mongolia and the United States recognize the importance of transport development and aim to improve the competitiveness of their respective transportation sectors in more open markets.

Development cooperation

Both countries decided to faithfully prepare, execute, and implement the second Millennium Challenge Corporation Compact, involving investments in water infrastructure, including supply and wastewater recycling, as well as water sector sustainability;

Recognized that continued monitoring and reporting of results from the first Millennium Challenge Corporation Compact may be necessary to develop a full understanding of its long-term impacts on poverty and economic growth; and

Committed to continue to collaborate in supporting Mongolian small- and medium-sized enterprises (SMEs) through various programs and projects.

Supporting private businesses

Mongolia and the United States seek to promote enabling environments for the growth of SMEs and the private sector, as they mutually note that these are the engines of steady economic growth in both countries.

New areas of cooperation

Both countries intend to continue encouraging newer areas and fields of economic cooperation, such as healthcare infrastructure and micro power, aimed at strengthening and diversifying their economies while protecting the environment.