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Eurasian Economic Union

EAEU-Mongolia trade agreement to boost economic ties with Russia, Foreign Ministry says

Russian Deputy Foreign Minister Andrey Rudenko emphasized the need to expand and develop cooperation in road transport, energy, and petroleum products

ULAANBAATAR, July 3. /TASS/. A trade agreement between Mongolia and the Eurasian Economic Union (EAEU), set to take effect on July 22, 2026, will enhance bilateral trade and economic ties with Russia, Mongolian Deputy Foreign Minister Gombosuren Amartuvshin said during a consultative meeting with Russian Deputy Foreign Minister Andrey Rudenko.

"The interim trade agreement between Mongolia and the Eurasian Economic Union, which will enter into force on the 22nd of this month, will enrich our bilateral trade, economic, and investment sectors, support business cooperation, and make a tangible contribution to taking regional cooperation to a new level," the Mongolian diplomat said.

He also emphasized the need to expand and develop cooperation in road transport, energy, and petroleum products – sectors of strategic importance for Mongolian-Russian relations – as well as to advance major joint projects and programs.

"This consultative meeting is unique as it is held on the 105th anniversary of the establishment of diplomatic relations between Mongolia and Russia. It is of great importance for strengthening trust in political dialogue, assessing the current state of cooperation, and defining future goals," the Mongolian Foreign Ministry noted.

Benefits for Russia and Mongolia

Earlier, Mongolian Prime Minister Nyam-Osoryn Uchral announced that the Altanbulag checkpoint, the largest border crossing between the two nations, would serve as the primary gateway for implementing the trade pact with EAEU member states. On December 29, 2025, Russian President Vladimir Putin signed a law ratifying the interim trade agreement with Mongolia, which provides for tariff liberalization on a limited list of goods from both sides.

In 2024, the volume of Russian exports subject to Mongolia's tariff commitments under the agreement was estimated at $2.3 billion. Meanwhile, Russia's 2024 imports from Mongolia of goods included in the EAEU tariff schedule amounted to approximately $40 million, accounting for 89.4% of total Russian imports from the country. Savings on customs duties are estimated at $99.2 million for Russia and $3.7 million for Mongolia.

Tags

Foreign policy Eurasian Economic Union

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