The Council of the European Union adopted the decision to enter the Mongolia-EU Framework Agreement on Comprehensive Partnership and Cooperation into force on October 9, reported the Ministry of Foreign Affairs.
The negotiations for the EU-Mongolia Framework Agreement started in 2010 and were concluded in 2013.
On 15 February 2017, the European Parliament gave its consent to conclude the agreement. All EU members have approved the agreement at the parliamentary stage and the vote by the European Parliament was an important step in concluding the agreement.
The agreement will replace the current legal framework of the 1993 Agreement on Trade and Economic Cooperation between the European Economic Community and Mongolia.
The most recent approvals by the Council of the EU means that the agreement will officially come into force on November 1, 2017.
As it creates a direct line of cooperation to 28 EU members, the Foreign Ministry highlighted the opportunity it creates for Mongolia.
The Framework Agreement consists of 65 Articles and will cover sectors including:
• Economic and financial services
• Tax policy
• Industrial policy and SME production
• Civil Society
• Education and culture
• Rural development
• Social protection
The recent ratification of the agreement, coupled with the EU’s decision to open a representative office in Ulaanbaatar serves to highlight the growing interest of the EU in Mongolia, says the acting Ministry of Foreign Affairs.
Currently, 10 countries including Russia, the Philippines, Kazakhstan, and Ukraine have an existing Framework Agreement with the EU. Malaysia, Singapore, and Thailand are in the process of establishing such agreements.