The United States and Mongolia recently signed an Agreement on Transparency in Matters Related to International Trade and Investment.
The agreement, among other things, provides for the publishing of Mongolia’s laws and regulations in English, which will make it easier for U.S. and other foreign enterprises to do business and invest in Mongolia. The Transparency Agreement also commits the two parties to ensure that administrative agencies apply fair, impartial, and reasonable procedures, and that persons affected by the decisions of administrative agencies have a right to appeal those decisions. Additional commitments address how to deal with bribery and corruption.
“This agreement represents an important milestone in the U.S.- Mongolia trade relationship,” said U.S. Trade Representative Michael Froman. Setting forth mutual commitments on transparency will help to improve and deepen the U.S.-Mongolia relationship and benefit both countries’ economies and businesses.
“Transparency,” said Ambassador Froman, “is critical to the proper and efficient functioning of the international trading system. Producers, suppliers, exporters, and investors need the predictability that comes with a clear understanding of the policies and practices that are going to be applied.”
During the signing ceremony, Ambassador Froman reiterated the importance of promoting trade cooperation through the U.S.-Mongolia Trade and Investment Framework Agreement, or TIFA. Signed in July 2004, TIFA created a United States-Mongolia Trade and Investment Council on Trade that considers a range of issues that include intellectual property rights, labor, environmental matters, non-tariff barriers, investment and transparency. Through the Council, the countries have established a dialogue to help remove impediments to trade between the U.S. and Mongolia.
The U.S.-Mongolia trade relationship has seen impressive growth over the past few years. U.S. exports to Mongolia grew from $116 million in 2010 to more than $665 million in 2012, driven in large part by U.S. supplies and services to develop Mongolia's expanding mining sector. U.S. imports from Mongolia increased from $12 million in 2010 to $42 million in 2012.
Through this new transparency agreement, the United States looks forward to deepening its economic and trade relationship with Mongolia.
The agreement, among other things, provides for the publishing of Mongolia’s laws and regulations in English, which will make it easier for U.S. and other foreign enterprises to do business and invest in Mongolia. The Transparency Agreement also commits the two parties to ensure that administrative agencies apply fair, impartial, and reasonable procedures, and that persons affected by the decisions of administrative agencies have a right to appeal those decisions. Additional commitments address how to deal with bribery and corruption.
“This agreement represents an important milestone in the U.S.- Mongolia trade relationship,” said U.S. Trade Representative Michael Froman. Setting forth mutual commitments on transparency will help to improve and deepen the U.S.-Mongolia relationship and benefit both countries’ economies and businesses.
“Transparency,” said Ambassador Froman, “is critical to the proper and efficient functioning of the international trading system. Producers, suppliers, exporters, and investors need the predictability that comes with a clear understanding of the policies and practices that are going to be applied.”
During the signing ceremony, Ambassador Froman reiterated the importance of promoting trade cooperation through the U.S.-Mongolia Trade and Investment Framework Agreement, or TIFA. Signed in July 2004, TIFA created a United States-Mongolia Trade and Investment Council on Trade that considers a range of issues that include intellectual property rights, labor, environmental matters, non-tariff barriers, investment and transparency. Through the Council, the countries have established a dialogue to help remove impediments to trade between the U.S. and Mongolia.
The U.S.-Mongolia trade relationship has seen impressive growth over the past few years. U.S. exports to Mongolia grew from $116 million in 2010 to more than $665 million in 2012, driven in large part by U.S. supplies and services to develop Mongolia's expanding mining sector. U.S. imports from Mongolia increased from $12 million in 2010 to $42 million in 2012.
Through this new transparency agreement, the United States looks forward to deepening its economic and trade relationship with Mongolia.
