Mongolia, China Pledge $10 Billion in Annual Trade

China and Mongolia pledged Thursday to almost double their annual two-way trade to $10 billion by 2020 as President Xi Jinping became the first Chinese head of state in more than a decade to visit this sprawling resource-rich nation sandwiched between China and Russia.
China also agreed to give the landlocked country access to ports in its north and northeast, the official Xinhua News Agency said. No details were immediately given.
Xi met with President Elbegdorj Tsakhia in the Mongolian capital Thursday, after which the two signed a joint declaration upgrading ties to a "comprehensive strategic partnership" based on trust, friendship and "a common aspiration for closer ties of mutual benefit," Xinhua said.
Xi plans to meet Friday with Prime Minister Altankhuyag Norov, who is chairman of Elbegdorj's ruling Democratic Party, and deliver a speech at the Great Hural, Mongolia's parliament.
China accounts for more than half of the country's external trade and receives almost 90 percent of its exports, mainly copper, coal and animal products, while supplying 37 percent of its imports. Bilateral trade has soared over the past decade, reaching $6 billion last year.
Faced with declining foreign investment and increased inflation and unemployment, Mongolia is desperate for more routes to export its mineral resources. Xi's trip to Mongolia — the first by a Chinese president in 11 years — is expected to include discussions on infrastructure investment as well.
Four of 11 agreements under discussion have to do with ground transportation to Chinese ports, to better ship high-value minerals to South Korea and Japan, China expert Munkhtuul Banzragch said.
Mongolia is building a railway from one of its largest coking coal deposits to the Chinese border. Still undecided is the much-debated issue of whether to stay with Mongolia's wide-gauge rail inherited from its time as a Soviet client state, or shift to a narrower gauge used in China.
Xi will oversee the signing of 20 cooperative agreements covering mineral extraction, infrastructure building, finance and diplomatic relations, the official China Daily newspaper said.
With several major mining projects in legal limbo, Western investment in Mongolia has fallen sharply, causing the country to turn increasingly to China and Russia to support its economy, which traditionally relied on animal herding.
Mongolia relies on Russia for 76 percent of its gasoline and diesel fuel and much of its electricity, making it highly vulnerable to price fluctuations.
A nation of about 3 million people almost the size of Alaska, Mongolia was firmly under Soviet sway during the Cold War and sided with Moscow in its battle with Beijing for leadership of the Communist bloc.
In the 1990s, after the collapse of the Soviet empire and loss of subsidies from Moscow, Mongolia transitioned into a democracy and a market economy and adopted a "third neighbor" policy to court nations like the United States and Japan and reduce its reliance on its two giant neighbors.
Economically, however, China and Russia are more important than ever and Russian President Vladimir Putin is to visit Mongolia in September.

Source:AP
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic