The trade turnover between Kazakhstan and Mongolia amounted to $33.9 million.

On October 13, 2021, the Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov met with the Minister of Foreign Affairs of the Republic of Mongolia Battsetseg Batmunkh.

Kazakhstan attaches great importance to expanding bilateral trade and economic cooperation and increasing the volume of trade turnover on mutually beneficial terms.

"Mongolia is one of Kazakhstan's potential trading partners.The trade turnover between Kazakhstan and Mongolia in January-August 2021 amounted to $33.9 million, which is 46.4% higher than in the same period of the previous year. Exports from Kazakhstan to Mongolia in January-August 2021 increased by 46.3% and amounted to $32.1 million. Imports to Kazakhstan from Mongolia in January-August 2021 increased by 48.7% and amounted to $1.8 million," Bakhyt Sultanov said.

It is noted that the growth of exports to Mongolia is justified by an increase in the supply of such goods as: household appliances, equipment for filling and sealing containers, packaging of goods, buttermilk, yogurt, kefir, wheat, eggs, petroleum products.

In order to increase the volume of trade turnover, Bakhyt Sultanov proposed to his Mongolian colleagues to jointly work out the issue of supplying 70 commodity items worth $245 million in such industries as petrochemical, food, metallurgy, mechanical engineering, chemical, pharmaceuticals, light industry, as well as construction.

It is reported that the Kazakh side can offer convenient financing conditions through such instruments as export financing KazakhExport JSC, long-term leasing, insurance, etc.

Moreover, the Kazakh side is interested in the supply of locomotives within the framework of the Tavan-Tolgoi large coal deposit development project, and is also ready to supply school and passenger buses for the needs of the Ulaanbaatar City Hall.

Also, the Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov proposed to create a Business Council, the first meeting of which should be organized in the near future and involve wide business circles of both countries in its work.

In turn, the Minister of Foreign Affairs of the Republic of Mongolia Battsetseg Batmunkh said that Kazakhstan occupies an important place in Mongolia's politics.

As she noted during the meeting, it is relevant for Mongolia to direct its efforts to expand trade, economic and investment cooperation with Kazakhstan, as well as to direct work to increase trade turnover between the countries.

The Mongolian side also announced the possibility of exchanging experience in various fields, such as the identification and registration of livestock, the creation of a database of genetic resources, the introduction of technologies for the production of marbled beef, as well as veterinary medicine and the oil industry.

Following the meeting, in order to expand further cooperation, the Ministers signed a Memorandum of Understanding between the Ministry of Trade and Integration of the Republic of Kazakhstan and the Ministry of Foreign Affairs of Mongolia on trade and economic cooperation.