On January 1, 2021, China and Mongolia mutually implemented schedules of concessions under the Asia-Pacific Trade Agreement. According to its schedule, Mongolia reduced tariffs on 366 tariff lines concerning, among others, aquatic products, vegetables and fruits, animal and vegetable oil, mineral products, chemical products, timber, yarn, chemical fibers, mechanical products, and transport equipment, by an average of 24.2%. At the same time, China’s schedule under APTA is applicable to Mongolia. For specifics, please refer to China FTA Service Website at http://fta.mofcom.gov.cn.

On September 29, 2020, Mongolia officially acceded to APTA as its 7th member. This is of positive significance for promoting the Belt and Road initiative and moving forward the regional economic integration process of developing APAC countries. In the meantime, this can also help expand the mutual open-up of markets between China and Mongolia and further deepen bilateral economic and trade cooperation. APTA, formerly the Bangkok Agreement signed in 1975, is a preferential trade arrangement reached among developing countries under the aegis of the UN Economic and Social Commission for Asia and the Pacific to promote South-South cooperation. China officially acceded to the Agreement in 2001, whose membership now includes Bangladesh, China, India, Laos, Korea, Mongolia and Sri Lanka.