Discussions with Mongolia herald more cooperation

Frequent talks between China and Mongolia are being held ahead of a scheduled state visit to China by Mongolian President Ukhnaagiin Khurelsukh from Sunday to Monday, and market watchers predict that the two countries will see closer economic and trade cooperation in many areas such as resources, agriculture, infrastructure and regional connectivity.

China’s Minister of Transport Li Xiaopeng and his Mongolian counterpart held a video meeting on Wednesday, during which the two sides discussed plans to enhance cooperation in highways, railways and civil aviation.

On the same day, He Zhenwei, president of the China Overseas Development Association, was invited to attend a conference dinner with Tuvshin Badral, Mongolian Ambassador to China, during which both sides stressed the importance of investment and trade cooperation between China and Mongolia.

On November 14, the China Council for the Promotion of International Trade and the Mongolian National Chamber of Commerce and Industry held a trade matchmaking conference, stressing the need to make good use of the economic complementarity between the two nations and promote win-win cooperation.

“It is expected that the two countries will see closer economic and trade cooperation,” said Li Xin, director of the Institute for Eurasian Studies at the Shanghai University of Political Science and Law.

For starters, mineral resources trade may see a boost, Li said, adding that there is huge potential for Mongolia to increase agricultural product exports to China as well.

China has been Mongolia’s largest source of investment and trading partner for 18 years in a row, and trade between the two neighboring countries accounts for more than 60 percent of Mongolia’s total foreign trade, according to data from the Chinese Academy of Social Sciences’ branch in North China’s Inner Mongolia.