Mongolia and USA to have transparency agreement

Apr 22 • Economy, Featured, Laws, News • 2925 Views • No Comments on Mongolia and USA to have transparency agreement

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The cabinet has proposed to overcome the current financial distress by inviting foreign banks. In relation to that, the cabinet is also planning to request advisory service from the United States. Specifically, half a year ago an agreement was signed between Mongolia and the United States concerning the Transparency of International Trade and Investment between the countries. However, some politicians are concerned if the agreement is in alignment with the national interest of Mongolia. It has been said that MPRP group in the parliament requested a discussion on the issue. The agreement was originated back in 2007 when Mongolia requested to establish a free-trade agreement. In return, the U.S. responded with the agreement. The agreement requires that interested entity would be able to express their official opinion in the draft laws that is being discussed in the parliament. Also, the opinions will be required to be accepted in English. Moreover, the laws must be translated into English whithin 90 days. The question whether the agreement is going to be approved by the parliament remains open.

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