ULAN BATOR, June 5 (Xinhua) -- Mongolia reportedly proposed signing a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) in recent talks between Mongolian Prime Minister Jargaltulgyn Erdenebat and Chairman of the Eurasian Economic Commission (EEC) Tigran Sargsyan.
The two sides commended the results of cooperation between the two sides over the past two years during the talks, which was held as part of the St. Petersburg International Economic Forum between June 1-3, according to a press release of the EEC.
The Mongolian prime minister said that it has taken quite a long time to make significant progress in cooperation between the two sides, from signing a memorandum of trade and economic cooperation to reviewing specific initiatives set to intensify mutual trade and remove trade barriers.
The working group on the Mongolia-EEC cooperation held the second meeting in February. The two sides adopted a plan of action for 2017-2018 on trade policy, customs administration and fair competition among others.
"Jargaltulgyn Erdenebat came up with a proposal to sign a free trade agreement with the EAEU and to set up a joint group to review the viability of the deal," noted the press release.
The Mongolian prime minister invited the EAEU to talk over establishing a Eurasian transport and logistics network that would become a powerful driving force to promote cross-border cooperation in trade and economy.
The two sides also agreed to organize the first Eurasian business forum in Ulan Bator, capital of Mongolia, in autumn this year. "Our task is to make the forum successful and help it catch the eye of the EAEU business community. This could become an additional impetus to (the) Mongolia-EEC cooperation," said Sargsyan.
"We will consult all EAEU countries and then offer a jointly-agreed position to our Mongolian colleagues. The EEC is ready for all kinds of cooperation that help accelerate trade and foster relations among businessmen (in the region)," Sargsyan added.
The EAEU is an economic union of states located primarily in northern Eurasia. It groups Russia, Armenia, Belarus and Kazakhstan.