Provisional free trade agreement between EAEU, Mongolia to enter into force on July 22 - EEC

MOSCOW. May 22 (Interfax) - The free trade agreement between the countries of the Eurasian Economic Union (EAEU) and Mongolia should enter into force on July 22, 2026, according to Eurasian Economic Commission (EEC) Trade Minister Andrei Slepnev and Mongolian First Deputy Prime Minister and Economy and Development Minister Jadamba Enkhbayar, the EEC's trade division said on Friday.

During the meeting, Slepnev passed on a note from the EEC on the EAEU's completion of the procedures necessary for the provisional trade agreement to enter into force to the Mongolian ambassador to Russia, Dulasuren Davaa. On the part of Mongolia, the relevant procedures had already been completed.

The agreement between the EAEU and Mongolia was signed in Minsk on June 27, 2025, after which the ratification procedure was launched. From the moment the document enters into force, customs duties will be eliminated or reduced for 367 product sub-items for each side.

The agreement is concluded for three years with the possibility of automatic renewal for an additional three-year period. Within one year after the expiration of the first three-year period, the parties will begin a review of the agreement with the aim of simplifying procedures and eliminating duties and other restrictive rules for practically the entire range of trade between the parties, the EEC said.

The Russian Economic Development Ministry previously said that 90% of Russian-Mongolian mutual trade will be covered by the preferential regime after the agreement enters into force. At the same time, 89% of Russian exports will be supplied to Mongolia duty-free, including food products, fertilizers, polymer products, a number of ferrous metals, and motor vehicles.

For goods included in the agreement, average duties on the Mongolian market will be reduced from 6% to 0.2%, which will allow Russian businesses to save up to 8 billion rubles per year, the ministry said.