On 18 August 2020 Minister of Foreign Affairs met the team of the European Union funded project, called Trade Related Assistance for Mongolia (TRAM). The project team presented the activities and results performed since 2017 with special focus on Draft Concept Paper on Foreign Trade Policy, draft regulation on safeguard, draft law on non-food products safety and the four clusters on natural cosmetics, seabuckthorn oil, yak and camel hair and yak leather.

On this occasion the project handed over the study on “Export financing for Mongolian SMEs”. The main recommendation of the study to the Government is to establish an Export Credit Guarantee Agency (ECA) through which the Mongolian non-mining exporters could increase their export volume by 50 to 80 percent. The project expressed the hope that the establishment of ECA will find its place in the Government’s Action Plan for 2021-2024.

Minister N.Enkhtaivan underlined that foreign trade policy is very well covered by the new Government Action Plan with special focus on preparing for new Free Trade Agreements with Eurasia and Korea. He expressed his satisfaction with the project activities and results covering the most important issues for Mongolia such as market access for SMEs, increasing products quality and upgrading standards, Export promotion and trade facilitation. He articulated the need of sustaining the achieved results and to continue working further to promote the export of value-added products and to diversify the Mongolian economy.