Apart from fossil fuels, given India’s experience and technology and Mongolia’s resource renewable energy like solar, wind energy and hydropowers could also turn into another area we can collaborate effectively.

Mongolia ratified the Asia-Pacific Trade Agreement (APTA) in December 2019, and Mongolia has become its 7th member as of 29 September 2020.Mongolia’s accession to the APTA is significant for its joining the Asia-Pacific economic integration, expansion of its international market and attraction of foreign investment. India is also a member of the APTA which accounts for 65 percent of Mongolia’s foreign trade turnover and also accounts for 90 and 30 percent, respectively, of its exports and imports. Thus far the APTA members have conducted four rounds of tariff negotiations and reached an agreement to mutually reduce tariffs in over 10,000 types of goods. I hope this would open up yet another avenue in our bilateral ties.