Korea-Mongolia Joint Committee Meeting Held... Discussing Ways to Promote and Strengthen Relations on the 30th Anniversary of Diplomatic Ties

Korea-Mongolia Economic Partnership Agreement Signing and Continued Working-Level Consultations for Revising Korea-Mongolia Investment Protection Agreement

[Asia Economy Reporter Lim Cheol-young] The 5th Korea-Mongolia Joint Committee, led by Lee Tae-ho, Vice Minister of Foreign Affairs of Korea, and Sarangerel, Minister of Environment and Tourism of Mongolia, was held via video conference on the 24th.

Both sides evaluated the bilateral relations on the occasion of the 30th anniversary of Korea-Mongolia diplomatic relations this year and engaged in in-depth discussions on ways to enhance and strengthen relations in various fields including human exchange, practical cooperation in economy, health, and education, development cooperation, as well as regional and international cooperation.

They further agreed that over the past 30 years since the establishment of diplomatic relations in 1990, bilateral relations have continuously developed through close high-level exchanges and communication, mutually beneficial economic cooperation, and active human exchanges. They also assessed that despite the COVID-19 situation, the momentum for the development of Korea-Mongolia relations continues with various celebratory events commemorating the 30th anniversary of diplomatic ties.

Moreover, they positively evaluated the smooth cooperation in supporting Mongolians residing overseas to return to Mongolia and assisting Korean nationals to return home during the COVID-19 pandemic. They agreed to continue efforts to sustain essential exchange cooperation, including the resumption of regular flights and the increase of temporary flights.

The Mongolian side expressed gratitude for Korea’s support in providing quarantine supplies such as diagnostic kits and masks in response to COVID-19, and both countries agreed to strive to continue cooperation in quarantine measures.

The Korean side proposed expanding new areas of cooperation such as financial cooperation in addition to existing infrastructure cooperation with Mongolia, a key partner country in the New Northern Policy, in response to the post-COVID-19 era. The Mongolian side stated that many countries, including Mongolia, support Korea’s New Northern Policy and expressed willingness to cooperate on it.

Both sides look forward to further expanding mutual market access through Mongolia’s accession to the Asia-Pacific Trade Agreement (APTA) and agreed to continue working-level consultations for the conclusion of the Korea-Mongolia Economic Partnership Agreement (EPA) and the revision of the Korea-Mongolia Investment Protection Agreement. They also agreed to work together for the successful implementation of existing projects and continuously explore ways to increase cooperation in health, education, small and medium enterprises and startups, and transportation and infrastructure sectors.

The Korean side hopes to further develop bilateral relations through strengthened development cooperation with Mongolia, a priority partner country for development cooperation. The Mongolian side highly appreciated Korea’s development cooperation projects for significantly contributing to Mongolia’s socio-economic development and requested continued attention to projects of special interest to the Mongolian government.

Meanwhile, the Korean side expressed gratitude for Mongolia’s prompt support for the ‘Northeast Asia Quarantine and Health Cooperation Body’ proposed by President Moon Jae-in in his keynote speech at the UN General Assembly last September. Both sides also agreed to strengthen cooperation on regional and international platforms such as Korea’s ‘Northeast Asia Peace Cooperation Platform’ and Mongolia’s ‘Ulaanbaatar Dialogue.’