Mongolia18.09.2026
Mongolia and Russia have entered into a memorandum to expand trade and economic cooperation and increase mutual trade turnover. The document aims to develop trade in value-added products, investment interaction, and e-commerce.
A memorandum of understanding was signed by the authorities of Mongolia and Russia following a meeting between Mongolia’s Minister of Economy and Development Jargaltulgyn Enkhbayar and Russian Deputy Prime Minister Alexey Overchuk. The document aims to expand trade and economic ties, increase mutual trade turnover, and boost trade in value-added goods.
The agreement provides support for the aimags of Mongolia and Russian regions in developing interregional and cross-border cooperation. Direct contacts between local government bodies and business circles of the two countries are highlighted as a separate area.
The memorandum also covers investment interaction. Among the mechanisms provided are public-private partnerships and expanded cooperation in the field of e-commerce.
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The parties identified the agricultural sector, light industry, and information technology as priority areas for increasing trade turnover and bilateral relations. The list also includes logistics, construction, industry, medicine, tourism, and education.
According to the Mongolian Customs General Administration, the country’s foreign trade volume with Russia amounted to $2.8 billion by the end of 2025. Over the first eight months of the current year, the figure reached $2.3 billion.
Russia ranks second among Mongolia’s trading partners in terms of foreign trade volume after China. The main commodities in the trade between the two countries remain energy resources.
