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NEWS | March 1, 2023

Joint Statement on Advancing the U.S.-Mongolia Economic Partnership

U.S. Embassy in Mongolia

U.S. Embassy in Mongolia -- The text of the following statement was released by the Governments of the United States of America and Mongolia on the occasion of the 4th U.S.-Mongolia Economic Policy Dialogue.

Begin Text:

To strengthen further the U.S.-Mongolia Strategic Partnership and economic relationship, representatives of Mongolia and the United States held the 4th bilateral Economic Policy Dialogue on February 2, 2023, in Washington, D.C. During the meeting, the two nations discussed joint responses to economic challenges, explored opportunities to deepen bilateral trade and investment, and decided to pursue cooperation in key areas, including critical minerals, clean energy, and the digital economy.

U.S. Principal Deputy Assistant Secretary of State for Economic and Business Affairs Whitney Baird and State Secretary of the Ministry of Foreign Affairs of Mongolia Ankhbayar Nyamdorj co-chaired the dialogue. U.S. participants included representatives from the Department of State, National Security Council, U.S. Agency for International Development (USAID), Millennium Challenge Corporation, Office of the U.S. Trade Representative, Department of Commerce, Department of Agriculture, Department of the Treasury, U.S. International Development Finance Corporation, Export-Import Bank, Transportation Security Administration, and Federal Aviation Administration. Mongolian participants included representatives from the Ministry of Foreign Affairs, Ministry of Food, Agriculture and Light Industry, Ministry of Economy and Development, Ministry of Energy, and Ministry of Mining and Heavy Industry.

The United States and Mongolia reiterated that countries around the world should partner to hasten global economic recovery, including by working to overcome supply chain disruptions, and affirmed the international community should unite in efforts to achieve the UN Sustainable Development Goals.

The two nations reaffirmed their strong desire to build on the overall U.S.-Mongolia Strategic Partnership, deepen the economic relationship in areas of mutual interest, and pursue opportunities for cooperation through existing and new mechanisms, including capacity building and trade promotion. They further reiterated the importance of strengthening Mongolia’s business climate, including through full implementation of the United States-Mongolia Agreement on Transparency in Matters Related to International Trade and Investment. Both sides noted with satisfaction the signing of a Memorandum of Consultations (MOC) marking the successful negotiation of an Air Transport Agreement between the Government of the United States and the Government of Mongolia on January 24, 2023, an important step toward establishing scheduled, nonstop passenger flights between Mongolia and the United States, thus further expanding economic and people-to-people ties.

The two nations discussed potential collaboration on projects to advance Mongolia’s economic development, diversification, and independence, with a focus on renewable energy and energy security, critical minerals, transportation, food security, intellectual property rights, and the digital economy. The two sides also reviewed joint development programs, including the up to $462 million Millennium Challenge Corporation Water Compact, which entered into force in March 2021 and will expand Ulaanbaatar’s water supply by more than 80 percent. They noted the USAID Mongolia Energy Governance program, which will promote the development of a modern energy sector and facilitate sustainable and inclusive economic growth.

Mongolia commended the financial assistance from the United States to improve herders’ preparedness to overcome severe winter climate conditions.

The two nations highlighted the bilateral relationship is grounded in shared democratic values. They discussed expanded efforts to strengthen the rule of law and governance, fight corruption, and uphold fundamental freedoms, including the freedom of expression online, noting that a strong democracy and a strong economy go hand in hand.

The United States provided information on its initiatives in the Indo-Pacific in support of a free and open region that is connected, prosperous, secure, and resilient, through potential partnerships in areas including infrastructure, critical minerals, environmental protection, and technology. The two sides intend to further explore possibilities to implement joint projects and work with like-minded partners in and out of the region.

The United States and Mongolia reviewed their 2018 Roadmap for an Expanded Economic Partnership and expressed mutual intent to update it to reflect the broadening scope of bilateral cooperation by including new areas and opportunities for partnership.

The United States and Mongolia decided to maintain the exchange of high-level visits, including holding the next Annual Bilateral Consultations and strategic dialogue in 2023 in Washington, D.C.

End Text.

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