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Mongolian parliamentary speaker hopes economic deal with Korea will drive growth

Published: 09 May. 2025, 18:18

LEE SOO-JUNG
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Mongolian Parliamentary Speaker Dashzegve Amarbayasgalan speaks during a meeting with Korean National Assembly Speaker Woo Won-shik in Ulaanbaatar last month. [STATE GREAT KHURAL OF MONGOLIA]

Mongolia's parliamentary speaker said he hopes to diversify his country’s export channels and empower nonmining sectors through a potential Economic Partnership Agreement (EPA) with Korea.

Dashzegve Amarbayasgalan, the Mongolian speaker, said the bilateral EPA would mutually benefit the two nations by removing trade barriers in trading goods and services, investment, e-commerce and development cooperation in a written interview with the Korea JoongAng Daily Monday.

He also spoke about the progress made during a visit by Korean National Assembly Speaker Woo Won-shik, who traveled to Ulaanbaatar last month in the first trip to the country by a Korean speaker in 12 years.

The following interview has been edited for length and clarity.

From left: Shin Kyung-hye, spouse of the Korean National Assembly speaker; Woo Won-shik, the Korean National Assembly speaker; Mongolian parliamentary Speaker Dashzegve Amarbayasgalan and his spouse D. Byambasuren pose for a photograph in downtown Ulaanbaatar in Mongolia last month. [STATE GREAT KHURAL OF MONGOLIA]

Q. What are the expected outcomes of a potential EPA between Korea and Mongolia? How would it benefit Mongolian industries and their supply chains?

A. Since the establishment of diplomatic relations, bilateral trade has increased 200-fold, reaching $530 million. Korea is now Mongolia’s fifth-largest trade partner and among the top 10 foreign investors.

In this context, the EPA will play a crucial role in increasing the trade balance and mutual benefits, removing trade barriers, expanding the flow of goods and services and simplifying procedures.

Formal negotiations for the EPA were launched in 2023, and four rounds of talks have been held to date. These discussions cover a wide range of topics, including trade for goods and services, investment, e-commerce, development cooperation and standardization.

Korean parliamentary delegation participates in a meeting with Mongolian counterparts and the speaker in Ulaanbaatar on April 28. [NEWS1]

What were some of the key issues discussed during Korean Assembly Speaker Woo Won-shik’s visit? What was the significance of his visit to Mongolia?

I requested that humanitarian aspects be considered and called for the creation of more favorable visa arrangements for Mongolians’ medical travel to Korea.

According to 2023 data, Mongolians accounted for 3.6 percent of all foreign patients receiving medical services in Korea, spending approximately $140 million annually in the Korean health care sector.

In 2022, the Mongolian government lifted visa requirements for Koreans visiting Mongolia for tourism. As a result, 193,000 Korean nationals visited Mongolia last year.

In the spirit of reciprocity, I requested that Speaker Woo support efforts to ease travel conditions for Mongolian citizens wishing to visit Korea. He expressed his intention to pay attention to this matter.

Woo and I also agreed that our parliaments would continue to support efforts to increase trade and investment, expand economic cooperation and ensure the successful implementation of joint projects and programs.

Korean National Assembly Speaker Woo Won-shik, left, shakes hands with Mongolian parliamentary Speaker Dashzegve Amarbayasgalan in Ulaanbaatar on April 28. [STATE GREAT KHURAL OF MONGOLIA]

In what aspect does Mongolia view Korea as an important “third neighbor” in foreign policy?

Since the 1990s, Mongolia has undergone a democratic transition to a market economy and has implemented a multi-pillar, open foreign policy. A core pillar of our foreign policy is the “Third Neighbor” policy. Within this framework, we attach great importance to strengthening and deepening relations and cooperation with countries in Northeast Asia, particularly Korea.

The Mongolian government remains deeply grateful for Korea’s consistent support throughout the transition. The two countries share common values such as democracy, human rights and freedoms, and a market economy. Today, more than 50 intergovernmental agreements and treaties guide Mongolia–Korea relations.

Currently, over 50,000 Mongolian nationals reside in the Republic of Korea — the largest overseas Mongolian community. In the past year alone, more than 350,000 citizens traveled between the two countries.

What are the achievements of the two countries' cooperation in the mining sector? Are there other industries where Korea and Mongolia could collaborate?

Both sides agree that Mongolia’s mineral resources combined with Korea’s advanced technology and know-how present vast opportunities for cooperation in the mining and supply chain sectors.

In 2023, the two countries signed a memorandum of understanding on cooperation in the rare metals sector. Within this framework, Mongolia and Korea are implementing a project to establish the “Mongolia–Korea Joint Research Center for Rare Earth Metals.” The research center will house four laboratories to conduct research on rare metal raw materials, perform mineral and chemical analysis, and carry out processing and production activities.

In addition, both sides are currently implementing major projects aimed at ensuring sustainable development in Ulaanbaatar and supporting balanced regional development across Mongolia.

Korean parliamentary Speaker Woo Won-shik, left, shakes hands with Mongolian President Khurelsukh Ukhnaa in Ulaanbaatar on April 28. [NEWS1]

Mongolia will host the 17th Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17) next year in Ulaanbaatar. Are there specific areas or topics where Mongolia seeks to cooperate with Korea in tackling global or regional environmental challenges?

We are confident that Korea will also share its advanced technologies and best practices in the areas of smart, climate-resilient urban development and green innovation.

Mongolia and Korea have a proven track record of close collaboration in environmental protection, afforestation and combating desertification.

Mongolia also attaches great importance to promoting gender equality and the empowerment of women. We are preparing to host the “Global Summit of Women Entrepreneurs” in August in Ulaanbaatar, and we warmly invite the participation of leading Korean women entrepreneurs and business leaders.

BY LEE SOO-JUNG [[email protected]]