The U.S. Embassy in Ulaanbaatar welcomed vote by the State Great Hural to ratify the U.S.-Mongolia Transparency Agreement last Friday. It’s an important milestone in the U.S.-Mongolia trade relationship.
The bilateral Transparency Agreement initially was signed in New York City in September 2013 by United States Trade Representative Michael Froman and Mongolia’s then-Minister for Foreign Affairs Luvsanvandan Bold. The ”Agreement on Transparency in Matters Related to International Trade and Investment between the United States of America and Mongolia” applies to matters relating to international trade and investment and includes joint commitments to provide opportunities for public comment on proposed trade-related laws and regulations and to publish final laws and regulations.
This publication commitment includes the obligation to publish final laws and regulations in English, which should make it easier for U.S. and other foreign enterprises to do business in, and invest in, Mongolia. The transparency agreement also commits the two parties to 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. Additional commitments address the application of disciplines on bribery and corruption.SOURCE: Business in Mongolia