Armenia approves proposal to sign temporary trade agreement between the EAEU and Mongolia

YEREVAN, June 26. /ARKA/. The Armenian government approved a proposal to sign a temporary trade agreement between the EAEU and its member states and Mongolia at a regular meeting on Thursday.

The draft agreement between the EAEU and its member states and Mongolia was approved by the order of the Board of the Eurasian Economic Commission on May 14, 2025.

The agreement is aimed at liberalizing and simplifying trade in goods between the parties, including by reducing tariff and non-tariff barriers, promoting economic and trade cooperation, and encouraging the expansion and diversification of trade.

The proposals submitted by the Armenian side mainly include goods of primary export interest to the Republic of Armenia.

It is noted that the opening of the Mongolian market for Armenian exporters will ensure more competitive conditions for the supply of such goods from Armenia as tobacco products (the rate in Mongolia is 30%), cognac (rate is 15%), chocolate (rate is 5%), mineral water (rate is 5%), and canned fruits (rate is 5%).

The concessions provided to the Armenian side by Mongolia will cover 98% of exports from Armenia to Mongolia. The average customs duty rate on goods exported from Armenia to Mongolia will decrease from 7.5% to 1.2%. As a result, savings due to customs preferences when exporting from Armenia to Mongolia may amount to $1 million per year.

The agreement provides for a term of 3 years with the possibility of subsequent extension for another three years, unless the parties agree otherwise.