Russia and Mongolia are entering a new stage of economic cooperation. In December 2025, the State Duma of the Russian Federation ratified the interim trade agreement between the Eurasian Economic Union and Mongolia, signed on June 27, 2025 in Minsk. The document lays the foundation for a dramatic expansion of mutual trade and reduction of barriers to foreign economic activity.
The agreement provides for the liberalization of trade in 367 commodity items. A significant part of the goods will be delivered either without customs duties or at reduced tariffs. Conditions are particularly favorable for Russian exports to Mongolia: 89% of the supplied goods are exempt from duties, which significantly increases the price competitiveness of EAEU products on the Mongolian market.
The list of EAEU goods includes food, metals, fertilizers, cosmetics and perfumes, materials and components for the production of leather and fur clothing, clothing and footwear, carpets, fabrics and other categories. On the part of Mongolia, the agreement covers the supply of food, chemical products, paint and varnish materials, cosmetics and components for its production, rolled metal, woodworking products, as well as certain categories of industrial products.
In addition to tariff relief, the parties agreed on a comprehensive simplification of customs procedures. In particular, it provides for the development of electronic commerce, as well as the mutual application of sanitary and phytosanitary measures in accordance with the rules of the World Trade Organization. This should reduce the time required for cargo clearance and reduce administrative costs for participants in foreign economic activity.
A specially created committee with the participation of representatives of Russia and Mongolia will coordinate bilateral trade and economic cooperation. His task will be to promptly resolve emerging issues and monitor the implementation of the provisions of the agreement in practice.
According to experts from the Russian Ministry of Economic Development, the measures taken will allow Russian businesses to save up to 8 billion rubles a year by reducing duties and simplifying procedures. The ministry predicts that by 2030, the volume of mutual trade between Russia and Mongolia may double.
Statistics confirm the potential for growth. In 2024, the trade turnover between the two countries amounted to $2.93 billion, an increase of 17.1%, according to the Main Customs Administration of Mongolia. At the same time, more than 97% of the turnover is accounted for by Russian supplies, and about 74% by oil, gas, coal and electricity.
Despite this, Russia's share in Mongolia's foreign trade is still only 10.7%, while China controls almost 68% of the trade turnover. The Russian authorities expect to reduce this gap by expanding the supply of consumer goods, machinery and equipment, electronics and food.
Mongolia, in turn, is interested in increasing exports of minerals and deepening the processing of raw materials. More than 20% of the country's GDP is generated by the mining industry, which provides about 90% of export earnings. The development of joint projects with Russia may allow Mongolia to switch from raw material exports to the supply of products with higher added value.
