UK and Mongolia exchange letters on the UK’s Enhanced Framework Trade Preference Scheme
On 5 February, Her Majesty’s Ambassador, Philip Malone, exchanged letters with the Deputy Minister of Foreign Affairs of Mongolia, Munkhjin Batsumber, regarding the UK’s Enhanced Framework Trade Preferences Scheme which came into effect on 1 January 2021.
The scheme grants preferential access to the UK market for Mongolia in support of Mongolian economic development. It will enable Mongolian companies to export to the UK with nil or reduced import tariffs on a range of goods. The Ministry of Foreign Affairs of Mongolia welcomed the scheme as supporting increased competitiveness for Mongolian products and providing a platform for increased trade between the UK and Mongolia.
Her Majesty’s Ambassador said >This is an important initiative which will enable Mongolian companies to have preferential access to the UK market and will encourage further strengthening of the Mongolian export sector and the modern trade partnership between our two countries”. Find more details on the UK’s Generlaised Scheme of Preferences.