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Economy / Featured News / Mongolia News / Politics / September 22, 2014

Korea, China, Russia, Mongolia to Create Economic Cooperation Organization in Northeast Asia

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Export-import banks of Korea, China, Russia, and Mongolia signed an agreement to establish Northeast Asian Export-Import Banks Council on Sept. 18 in Yanji, China.
Korea, China, Russia, and Mongolia have agreed to form an international organization for economic cooperation within the region of Northeast Asia. Accordingly, at the next summit to be held in Korea, the international organization establishment agreement will be signed.

The Ministry of Strategy and Finance announced on Sept. 18 that participating countries of the Greater Tumen Initiative (GTI) agreed to transform GTI into an international organization to initiate economic cooperation in Northeast Asia by 2016. This summit was held in Yanji, China on Sept. 17.

These four countries agreed to develop transportation in land and sea routes, facilitate the trading among Northeast Asian countries, solve the power transmission problems and analyze the business feasibility of coal extracted synthetic natural gas supply through a joint statement.

On this day, an inaugural assembly of ‘Northeast Asian Export-Import Banks Council’ in which export-import banks of four countries participated was held to adopt a basic agreement on cooperation among the banks for joint project explorations and supportive loans.

SOURCE: Business Korea

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