U.S. Signs Trade and Investment Transparency Pact with Mongolia
The U.S. signed its first-ever stand-alone agreement on transparency in trade and investment matters Sept. 24 with Mongolia. A press release from the Office of the U.S. Trade Representative states that under this agreement the two sides have committed to:
- provide opportunities for public comment on proposed laws and regulations and to publish final laws and regulations in English;
- ensure that administrative agencies apply fair, impartial and reasonable procedures and that persons affected by the decisions of administrative agencies have a right to appeal those decisions; and
- take certain steps concerning the application of disciplines on bribery and corruption.
USTR states that this transparency agreement builds on cooperation under the bilateral Trade and Investment Framework Agreement the two countries signed in July 2004, which includes an ongoing dialogue to help remove impediments to two-way trade. The press release notes that U.S. exports to Mongolia grew from $116 million in 2010 to more than $665 million in 2012, driven in large part by U.S. supplies and services to develop Mongolia’s expanding mining sector, and that U.S. imports from Mongolia increased from $12 million to $42 million over the same period.