Trade and Economic Cooperation
2023-04-14
Mongolia and Australia are working closely in the mining, agriculture and other areas of cooperation.
The bilateral trade turnover in the first 10 months of 2022 amounted to $40.1 million.
Export:
$2.9 million 2015
$1.2 million 2016
$3.4 million 2017
$1.27 million 2018
$39.6 million 2019
$1.08 million 2020
$673 thousand 2021
Import:
$11.7 million 2015
$21.9 million 2016
$36.5 million 2017
$49.9 million 2018
$57.0 million 2019
$44.89 million 2020
$48.5 million 2021
• The Australia Mongolia Extractive Program (AMEP)
The Government of Mongolia in collaboration with the Government of Australia is implementing an “Australia Mongolia Extractive Program”. The first phase of AMEP, which was carried out in 2015-2019, completed a number of projects with a budget of 3.5 million dollars. The key outcomes of the first phase were the establishment of Mongolia’s geological cataloguing system and the development of a strategy for the gold sector. The second phase of AMEP, which is being implemented between 2019-2024, aims at improving the investment environment in the mining sector of Mongolia. The total funding of the AMEP 2 is 8.5 million dollars.
• ACIAR-led Agricultural Project
The first ever joint agricultural project aimed to improve grassland management practices and livestock system in Mongolia was successfully implemented from September 2015 to December 2020. It was funded by the Australian Government and implemented by the Australian Centre for International Agricultural Research (ACIAR). The total budget of the joint project, which covered the territories of Mongolia and northern China, accounted for 1.8 million dollars. More joint projects are being discussed with ACIAR and other relevant research organizations.
• Australia-Mongolia Business Council
By the initiative of the Embassy of Mongolia, the Australia-Mongolia Business Council was re-established on 2 November 2022 to support trade and investment initiatives aimed at expanding economic ties between the two countries. The first meeting of the Business Council was successfully organised on 2 November 2022 in Sydney during the visit of the Minister for Mining and Heavy Industry of Mongolia Mr J.Ganbaatar to Australia. The meeting was attended by representatives of the Department of Foreign Affairs and Trade, Austrade as well as more than 30 Australian businesses. The second meeting is planned to be held in the second quarter of 2023.