U.S.- Mongolian Second Mongolia Trade and Investment Framework Agreement (TIFA) Meeting

Washington, DC – U.S. Government officials met on March 8, 2006 in Washington with their Mongolia Government counterparts for the second meeting under the United States – Mongolia Trade and Investment Framework Agreement (TIFA).

The meeting was led by Assistant U.S. Trade Representative for China and Mongolia Affairs Timothy Stratford and Mongolian Vice Minister of Industry and Trade Yangug Sodbaatar. During the productive meeting the two sides discussed a wide range of bilateral trade, development, and investment issues. The agenda covered priority trade issues for both countries, including the development of closer trade ties and improving transparency and intellectual property rights for U.S. companies in Mongolia.  Corruption, and its potential adverse impact on much-needed foreign investment in Mongolia, was highlighted and measures to combat it discussed.  In addition, the two sides discussed how to strengthen trade and development cooperation, including the U.S. Generalized System of Preferences program, the Millennium Challenge Account program, and other development assistance programs.  Mongolia expressed its interest in negotiating a free trade agreement (FTA) with the United States. The United States presented information on complex reform requirements covering textiles and customs administration needed prior to engaging in free trade agreement negotiations.The United States has TIFAs with number of countries in order to enhance trade ties and coordinate regionally and multilaterally through regular senior-level discussions on trade and economic issues. Regular, ongoing dialogues established through TIFAs with other countries and regions have led to concrete, positive results, resolved trade differences and led to a deepening of economic relationships.

Two-way trade in goods between the United States and Mongolia totaled $165 million dollars in 2005. The U.S.-Mongolia Trade and Investment Framework Agreement (TIFA) was signed in 2004.