Mongolian Ambassador Urges Russia To Jointly Seek Ways To Boost Trade In Changing World

Mongolia and Russia, in the wake of contemporary shifts in the global economy, should jointly seek incentives for development and more fully unleash their potential, Mongolian Ambassador to Russia Olziisaikhany Enkhtuvshin said on Wednesday

VLADIVOSTOK (UrduPoint News / Sputnik - 27th April, 2022) Mongolia and Russia, in the wake of contemporary shifts in the global economy, should jointly seek incentives for development and more fully unleash their potential, Mongolian Ambassador to Russia Olziisaikhany Enkhtuvshin said on Wednesday.

The Russian-Mongolian business Cooperation Forum: Trade-Logistics kicked off in Vladivostok on Wednesday. In addition to Enkhtuvshin, the opening ceremony was attended Primorsky Region premier Vera Scherbina, representatives of the Mongolian Chamber of Commerce and Industry and a number of Mongolian and Russian businesses. The forum focused on expanding bilateral economic cooperation and unlocking the logistic potential for trade.

"Today the global economy is experiencing an increasing influence of political and social factors. The challenges that it is facing require coordinated efforts for the sake of sustainable and balanced growth. We should collectively search for additional development incentives, to realize more fully the industrial, scientific, technological, innovative potential of countries and integration structures, to timely respond to changing environment," Enkhtuvshin said at the ceremony.

The Russian-Mongolian trade is currently quite moderate, with Mongolia not utilizing its export potential, he said.

"Mongolia is willing to export more and not to go a one-way street. The challenge with Russia is high customs duties and excise taxes. Duties for our exported good, for example cashmere, amount to 46%, leather products 40%. This affects the costs of our goods. On Mongolia's side the duties are 5% and VAT (value added tax) 10%," Enkhtuvshin added.

Mongolia will open a trade mission in Russia, and the two will also sign a memorandum of understanding between the Union Chamber of Commerce and Industry of Primorsky Region and the Mongolian National Chamber of Commerce, on the sidelines of the forum.