US, Mongolia Exchange Letters to Implement Trade Transparency Agreement
Outgoing U.S. Trade Representative Michael Froman and Mongolia Ambassador to the U.S. Bulgaa Altangerel signed and exchanged letters certifying that their nations completed the bilateral Agreement on Transparency in Matters Related to International Trade and Investment, setting the stage for…
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the agreement to activate on March 20, the Office of the U.S. Trade Representative said (here). The transparency agreement includes joint commitments to provide opportunities for public comment on and to publish final proposed laws and regulations, and includes the obligation to publish final laws and regulations in English, which should make it easier for U.S. and foreign companies to conduct commerce in Mongolia, USTR said. Other commitments include disciplines on bribery and corruption, USTR said. “The U.S.-Mongolia transparency agreement will help to improve and deepen the U.S.-Mongolia trade relationship to the benefit of both of our economies and our workers and businesses,” Froman said in a statement. “Transparency is critical to the proper and efficient functioning of international trade and investment, and the implementation of this agreement will help provide producers, suppliers, exporters and investors with the needed predictability that comes with a clear understanding of the policies and practices that are going to be applied.” The U.S. and Mongolia signed the transparency agreement itself in September 2013. The Jan. 19 signature of letters starts the 60-day clock for the agreement to enter into force.