Verelq: Mongolia can provide significant benefits to Armenian businesses

The draft law “On ratifying the temporary trade agreement between EAEU and Mongolia” is aimed at facilitating and promoting mutual trade. Narek Hovakimyan, Deputy Minister of Economy, announced this at the session of the National Assembly.

The agreement signed in 2025 regulates a wide range of economic cooperation issues. In particular, customs regulation, sanitary and phytosanitary measures, as well as problems related to other areas.

The attached lists with 367 product positions for each party are an integral part of the agreement. The parties are ready to provide tariff privileges for these products. “In the proposals presented by the Armenian side, products of primary interest for export to the Republic of Armenia were mentioned,” said Hovakimyan

The deputy minister noted that the opening of the Mongolian market will provide more competitive supply conditions for Armenian exporters for such products as: tobacco products (Mongolia’s rate: 30%), cognac (rate: 15%), chocolate (rate: 5%), mineral waters (rate: 5%) and canned fruits (rate: 5%).

“The privileges provided by Mongolia will cover around 98% of exports from Armenia to Mongolia. The average rate of customs duty on goods exported from Armenia to Mongolia will decrease from 7.5% to 1.2%. As a result, savings due to customs privileges in the case of exports from Armenia to Mongolia can be up to 1 million dollars per year,” explained the representative of the Government.

The agreement also provides for a three-year validity period, with the possibility of extending it for another three years in the future. However, it is possible that the parties will agree on other terms.

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