Mongolia and China planning on establishing economic freezone

Ulaanbaatar /MONTSAME/ On Monday, the Minister of Industry D.Erdenebat presented to the cabinet the works of Mongolia-China working group in charge of studying the matter of establishing a Cross-Border Economic Cooepration Freezone, basing on Zamyn-Uud and Ereen border ports. Establishing such a freezone has been agreed by the Memorandum of Understanding signed during the visit of the Chinese president Xi Jinping to Mongolia, held in August of 2014. The working group has held three meetings and studies the practices of the “Khorgos” crossborder freezone of China and Kazakhstan. They have also taken part in the investors’ forums, held in Zamyn-Uud of Mongolia and in Inner Mongolia of China. In 2014, a total of trades worth one billion US dollars, 1.9 million passengers, 522 thousand vehicles and 400 thousand trains crossed Zamyn-Uud port. Taking the fact into account, the working group considered that a base condition for establishing crossborder freezone has been provided in the region.