The Government of Mongolia is actively working to strengthen the Mongolia-Japan economic partnership. First Deputy Prime Minister and Minister of Economy and Development Uchral Nyam-Osor highlighted this during his recent meeting with Japan’s Ambassador to Mongolia, Igawahara Masaru. He noted that both countries have seen growth in high-level visits and cooperation, signaling a promising future for bilateral relations.
Moreover, Minister Uchral Nyam-Osor stressed the importance of addressing the trade imbalance. Currently, Japan accounts for over 90 percent of Mongolia’s bilateral foreign trade. Therefore, adjusting customs tariffs becomes essential to create a balanced trade environment. To facilitate this, the Mongolian Parliament will adopt a new law on conformity assessment of standards during its autumn session. This law aims to harmonize Mongolian and Japanese standards, thus smoothing trade processes.
Furthermore, the government plans to revise common customs regulations. These changes will reduce bureaucratic obstacles and promote a friendlier business environment. As a result, launching new businesses in Mongolia will become easier. Minister Uchral Nyam-Osor emphasized that these measures will encourage more Japanese investment and trade activities.
On the other hand, Ambassador Igawahara Masaru shared his view on Japanese business interests. He pointed out that many Japanese investors focus on export opportunities from Mongolia. He believes that the new laws being discussed will open up wider opportunities for these investors. This mutual understanding further strengthens the Mongolia-Japan economic partnership.
Additionally, both sides identified agriculture, crop farming, and tourism as vital sectors for expansion. These industries could form the foundation for increased exports and deeper economic ties. By focusing on these areas, Mongolia and Japan can foster long-term cooperation and sustainable growth.
In conclusion, advancing the Mongolia-Japan economic partnership requires continuous effort from both governments. Adjusting trade policies, reducing regulations, and encouraging investments remain crucial. With these steps, both countries can unlock new opportunities and boost their economic cooperation.
