The focus of the visit last Sunday of President Ukhnaa Khurelsukh, Mongolia, is about China-Mongolia trade cooperation, according to traders, concerning bilateral cooperation in many fields that Chinese traders and analysts mentioned.
China-Mongolia Trade Cooperation Is Crucial
The commerce of major products like coal from Ulan Bator and manufactured products from the PRC could continue to play a critical role in trade relations, reported Global Times.
It encompasses collaboration in facilities, particularly regarding the development of transport capacity and coverage, specialists and traders stated. One of these fields is agriculture and mining, which will be affected by an updated transport system that was mentioned.
Input from a cross-border import and export agent surnamed Li, an exporter of 500 to 600 containers of goods going to Beijing's trade partner, with more than 1000 containers a year from bilateral trade.
Li remarked there is space for more growth and that President Ukhnaa Khurelsukh's visit will increase bilateral trade. Mentioning China-Mongolia trade cooperation and the quantity and sorts of cooperation between China and Mongolia is not all that high. China will export steel products, construction materials, and basic needs to Mongolia and acquire cashmere, wool, and unrefined stones in exchange.
President Ukhnaa Khurelsukh's Visit to China
From January to October, when bilateral trade achieved $9.67 billion, a year-on-year boost of 22.7 percent, information from the General Administration of Customs had shown.
Both imports and exports accomplished double-digit progress, pushed by the rocketing trading activities of Mongolian coal and Chinese primary commodities products, despite rising worldwide prices and the disease outbreak.
Ideological trust and understanding with both Beijing and Ulan Bator have produced favorable terms for bilateral economic and trade cooperation that will further be bolstered alongside the high-level discussions during the trip, Da Zhigang, director of the Institute of Northeast Asian Studies at Heilongjiang Provincial Academy of Social Sciences, informed the Global Times last Sunday, noted News MN.
Da indicated promising cooperation and coordination in the regions of logistical support, facilities, power, farming, and environmental protection.
These parties would then explore the potential to extend cooperation and search for the largest common link inside the structure of multilateralism.
A joint project of railway networks to bolster export performance and to normalize its market supply of essential goods, such as coal, seems to be an important point with possibilities, and the two parties will keep looking to unlock greater dynamism for export growth, as said by Da.
The Zuunbayan-Khangi railway, which stretches 226.9 kilometers throughout southeast Mongolia, entered service on Friday after eight months of building work, merely two days before the visit of the Mongolian head of state, citing FT.
It had a yearly import and export increase of 20 tons, with a total increase of 65%. The traveling of about 242 km saves on transport times and costs.
Talks for better transport connections were discussed between the two representatives; plans included highways, rail, and air travel. Li further explained that developing transportation that will develop trade to a better level.
A railway link between the two countries is for new options to expand the mutual market for the whole regional trade network. The development of China-Mongolia trade cooperation with the visit of President Ukhnaa Khurelsukh could bolster their economic relationship.
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