The Cabinet of Ministers approved a proposal to extend tariff relief to Mongolia under the Asia-Pacific Trade Accord (APTA) and to conduct negotiations with the country to identify tariff concessions that could be mutually agreed upon by both parties.  

Following over one-decade long negotiations, Mongolia formally acceded to the APTA on September 29 last year, marking its first regional trade agreement with developing countries. It was also the first expansion of APTA since China’s accession in 2001.

The Cabinet proposal was presented by Trade Minister Bandula Gunawardana on Monday for mutual exchange of tariff relief with Mongolia.

Further, the Department of Government Information said Mongolia also qualifies to obtain relief granted by Sri Lanka to other stakeholder countries such as Bangladesh and Laos under the APTA accord.

With mineral products dominating Mongolia’s exports, China remains the largest trading partner of the country accounting for 86 percent of its exports and 33.6 percent of its imports.

Key imports of Mongolia include mineral products, machinery & electric appliances, transport vehicles & spare parts, base metals and food products. 

Mongolia offers access to 366 products lines under APTA with an average margin of preference of 24.18 percent. 
Meanwhile, Sri Lanka provides market access to 568 product lines with an average margin of preference of 22.06 percent under the 4th round of APTA.