Kyrgyzstan and Mongolia are on the verge of implementing a new preferential trade regime, which is expected to have a significant impact on food prices. On February 16, during a meeting of the relevant committee of the Jogorku Kenesh, deputies reviewed and approved in the first reading the ratification of the agreement signed last summer.
The Deputy Minister of Economy and Commerce, Choro Seitov, reported that the agreement provides for a reduction in customs duties for 367 different categories of goods. The deputies were particularly interested in the issue of food imports. A representative of the ministry confirmed that meat products from Mongolia will be included in the list of goods with reduced tariffs. He noted that Mongolian meat will be cheaper, which will create healthy competition in the domestic market of Kyrgyzstan and make it more accessible for consumers.
In addition to meat, tariffs on vegetables, fruits, beans, and various types of industrial equipment will also be reduced as part of the trade preferences. The agreement is set for three years with the possibility of automatic extension for a similar period, provided that the parties adhere to the established rules.
