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South Korea-Mongolia CEPA Reaches Provisional Deal, Target $1 Billion Trade by 2030

2026-07-09 21:37:10

According to Yonhapinfomax, South Korea's President Lee Jae-myung and Mongolia's President Khurelsukh announced the provisional conclusion of a Comprehensive Economic Partnership Agreement (CEPA) on July 9, pledging to expand bilateral trade to $1 billion by 2030. Under the agreement, Mongolia will eliminate 2-5% tariffs on copper, molybdenum, and rare earth elements exports, while Seoul gains access to critical minerals to diversify its supply chain currently dependent on China. Mongolia will immediately eliminate tariffs on Korean cosmetics and phase out levies on instant noodles and seasoned seaweed within five years. The two nations also signed 21 cooperation agreements across energy, technology, health, education, and cultural sectors.

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