Foreign Ministry reports that policy regulations can drive up foreign trade costs

The Ministry of Foreign Affairs reported that international trade policy and non-tariff barriers are a major driver in pushing up foreign trade costs.

According to a report from the ministry, policy regulations account for almost 60 percent of the total cost of foreign trade, followed by geographical location (30 percent), and tariffs (10 percent). In 2016, Mongolia joined the World Trade Organization’s Trade Facilitation Agreement, with implementation of the agreement currently standing at 23.5 percent.

About the author

Add a Comment

Your email address will not be published. Required fields are marked *