Joint Statement of the United States-Mongolia Trade and Investment Council

United States and Mongolia Convene Seventh Meeting of U.S.-Mongolia Trade and Investment Council

August 29, 2023

Introduction

The United States and Mongolia recently held the seventh meeting of the U.S.-Mongolia Trade and Investment Council, which was established under the U.S.-Mongolia Trade and Investment Framework Agreement (TIFA). The purpose of the meeting was to explore opportunities for strengthening bilateral trade and investment relations between the two countries. The meeting was co-chaired by Terry McCartin, Assistant U.S. Trade Representative, and Sainbuyan Amarsaikhan, Deputy Prime Minister of Mongolia.

Anniversary of Diplomatic Relations

During the meeting, both the United States and Mongolia celebrated the 36th anniversary of their diplomatic relations. They also referred to the Joint Statement on the Strategic Third Neighbor Partnership between the United States of America and Mongolia, issued earlier this month after Vice President Kamala Harris welcomed Prime Minister Oyun-Erdene Luvsannamsrai to Washington, D.C. Additionally, they discussed the Economic Cooperation Roadmap for the Strategic Third Neighbor Partnership between the Government of Mongolia and the Government of the United States of America.

Discussion Highlights

The United States and Mongolia recognized the important role that Trade and Investment Council discussions can play in supporting Mongolia’s economic development and the establishment of a prosperous market-based economy. They engaged in fruitful discussions on various bilateral trade and investment issues, including transparency, good regulatory practices, the investment climate, intellectual property rights protection and enforcement, economic diversification, regional initiatives, and trade promotion.

Next Meeting

The United States will host the next meeting of the Trade and Investment Council in Washington, D.C.

Background

The U.S.-Mongolia Trade and Investment Council was established through the signing of the TIFA in 2004. It serves as the primary platform for trade and investment discussions between the United States and Mongolia.

Trade Statistics

• Total bilateral trade in goods reached $175 million in 2022.
• U.S. goods exports to Mongolia in 2022 amounted to $149 million, showing a slight increase of 0.2 percent compared to 2021 but a significant decrease of 78 percent compared to 2012.
• Imports of goods from Mongolia in 2022 were valued at $26.4 million, marking a substantial increase of 365 percent from 2021.
• The stock of U.S. foreign direct investment (FDI) in Mongolia stood at $680 million as of Q1 2023, remaining stable over the period from 2020 to 2023.

Sustainable Development Goals (SDGs)

1. No Poverty
2. Zero Hunger
3. Good Health and Well-being
4. Quality Education
5. Gender Equality
6. Clean Water and Sanitation
7. Affordable and Clean Energy
8. Decent Work and Economic Growth
9. Industry, Innovation, and Infrastructure
10. Reduced Inequalities
11. Sustainable Cities and Communities
12. Responsible Consumption and Production
13. Climate Action
14. Life Below Water
15. Life on Land
16. Peace, Justice, and Strong Institutions
17. Partnerships for the Goals

Conclusion

The U.S.-Mongolia Trade and Investment Council meeting provided a valuable platform for both countries to discuss ways to enhance their trade and investment relationship. It demonstrated the commitment of the United States and Mongolia to strengthen their economic ties and work towards achieving the Sustainable Development Goals (SDGs) outlined by the United Nations.

Sources:

• Joint Statement on the Strategic Third Neighbor Partnership between the United States of America and Mongolia
• Events
• News
• Press Releases

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The issues highlighted in the article are connected to SDG 8: Decent Work and Economic Growth, SDG 9: Industry, Innovation, and Infrastructure, and SDG 17: Partnerships for the Goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s content, the specific targets that can be identified are:

• Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
• Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
• Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources to support the achievement of the sustainable development goals in all countries, in particular developing countries

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No specific indicators are mentioned or implied in the article that can be used to measure progress towards the identified targets.

4. SDGs, Targets, and Indicators

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Source: mn.usembassy.gov

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