Cooperation in the field of Trade and Economy
Trade and economic relations of Belarus and Mongolia are regulated by:
Agreement between the Government of the Republic of Belarus and the Government of Mongolia on trade and economic cooperation signed on January 24, 1992 (entered into force on January 24, 1992);
Agreement between the Government of the Republic of Belarus and the Government of Mongolia on the assistance in the implementation and protection of investments signed on May 28, 2001 (entered into force on January 27, 2002);
Agreement between the Government of the Republic of Belarus and the Government of Mongolia on the avoidance of double taxation and the prevention of tax evasion in respect of taxes on income and property, signed on May 28, 2001 (entered into force on March 12, 2007).
The mechanism for export lending by the Development Bank of the Republic of Belarus for the supply of Belarusian goods (works, services) to Mongolia became available in 2019 in bilateral trade and economic relations. The general agreement between the Government of the Republic of Belarus and the Government of Mongolia on extending Export Loan was signed on April 19, 2019 (entered into force on October 11, 2019).
Using the export loan scheme, a project is already being implemented to supply to the National Emergency Management Agency of Mongolia the Belarusian fire-fighting machines on the chassis of Minsk Automotive Plant.
Traditionally supplies from Belarus take a major part of the bilateral turnover. Supplies from Mongolia are insignificant.
In 2020 mutual goods trade turnover amounted to 49.6 mln. USD (147.1 percent by 2019). Supplies from Belarus grew up by 146.6 percent and amounted to 49.5 mln. USD, supplies from Mongolia – to 153.6 tsd. USD.
Dynamics of bilateral trade of goods with Mongolia (2014 — 2020)
tsd. USD
|
|
Turnover |
Supplies from Belarus |
Supplies from Mongolia |
|
2014 |
22 362,5 |
21 663,8 |
698,7 |
|
2015 |
23 195,5 |
23 149,9 |
45,6 |
|
2016 |
9 895,7 |
9 826,9 |
68,8 |
|
2017 |
13 642,4 |
13 517,6 |
124,8 |
|
2018 |
19 458,2 |
19 116,4 |
341,8 |
|
2019 |
33 717,2 |
33 668,4 |
48,8 |
|
2020 |
49 604,6 |
49 451,0 |
153,6 |
|
2020 in % by 2019 |
147,1 |
146,9 |
314,8 |
The most important commodities delivered from Belarus to Mongolia in 2019-2020: heavy dump trucks, special purpose vehicles, dry mil
k, road and construction machinery, plastic caps for bottles, vehicles for transporting 10 or more people, spare parts for cars and tractors, medicaments, flour confectionery, furniture, specific goods, natural grape wines, synthetic fibers.
Fluorspar and cashmere products were delivered from Mongolia to Belarus.
The turnover of services between Belarus and Mongolia in 2020 amounted to 6.6 mln. USD (106.3 percent by 2019).
Five sessions of the Joint Belarusian-Mongolian Commission on Trade and Economic Cooperation were held (the last — in June 2017 in Ulaanbaatar). From the Belarusian side, the Commission is headed by the Minister of Industry, from the Mongolian side — the Minister of Food, Agriculture and Light Industry.
Two sessions of the Bilateral Working Group on cooperation in the field of agriculture were held (the second — in July 2018 in Minsk).
The first session of the Belarusian-Mongolian Commission on international road transport was held in August 2018 in Ulaanbaatar.
