Ankara: The Eurasian Economic Union (EAEU) announced Tuesday that its interim trade agreement with Mongolia will enter into force on July 22, lowering or eliminating tariffs on hundreds of goods to boost bilateral trade. Under the deal, customs duties will be eliminated or reduced on 367 product categories for each side, covering about 90% of bilateral trade.

According to Anadolu Agency, the agreement will remain in effect for three years and will be automatically renewed for another three-year term unless either side objects. "Unique conditions have been created for suppliers from countries of the Eurasian Economic Union; Mongolia has no other such agreements in the region," stated Andrey Slepnev, Eurasian Economic Commission trade minister.

Slepnev highlighted that exporters from EAEU member states will gain improved access to the Mongolian market for products including dairy goods, beverages, confectionery, chocolate, passenger and commercial vehicles, cosmetics, and perfumes. In return, Mongolian exports, including meat products, cashmere, and other agricultural and industrial goods, will receive preferential access to the EAEU market.

He noted that businesses had already strengthened commercial ties ahead of the agreement's implementation, with bilateral trade rising by one-third in the first months of this year compared with the same period in 2025. The interim trade agreement was signed on the sidelines of the Supreme Eurasian Economic Council meeting in Minsk on June 27, 2025.