Kazakh Senate Ratifies Interim Trade Agreement Between EAEU and Mongolia to Boost Bilateral Trade

Astana, The Gulf Observer: The Senate of Kazakhstan has ratified the Interim Trade Agreement between the Eurasian Economic Union (EAEU) and its Member States, on one side, and Mongolia, on the other, marking a significant step toward enhancing regional economic cooperation, according to media reports.

Senator Shakarim Buktugutov stated that the primary objective of the legislation is to liberalize and facilitate trade between the parties by reducing or eliminating tariff and non-tariff barriers. He emphasized that the agreement aims to create more favorable conditions for exporters and investors while strengthening economic ties across the region.

Trade relations between Kazakhstan and Mongolia have demonstrated positive momentum in recent years. In the past year alone, bilateral commodity trade reached 133.5 million US dollars, with Kazakhstani exports accounting for the dominant share of approximately 123 million US dollars.

The agreement also envisages the establishment of a joint committee tasked with overseeing implementation, resolving trade-related disputes, and safeguarding the interests of Kazakhstani entrepreneurs operating in Mongolia’s market.

The ratification is expected to further deepen economic integration within the EAEU framework and expand market access opportunities for businesses in both Kazakhstan and Mongolia, reinforcing regional trade connectivity and cooperation.