The Office of the United States Trade Representative (USTR) announced that at a ceremony in Washington on January 19, 2017, then USTR Michael Froman and Mongolia’s Ambassador to the United States, Bulgaa Altangerel, signed and exchanged letters certifying that the United States and Mongolia have completed their respective applicable legal requirements and procedures for the Agreement on Transparency in Matters Related to International Trade and Investment between the United States of America and Mongolia to enter into force and agreed that the transparency agreement would enter into force in 60 days. The announcement continued:
The U.S.-Mongolia transparency agreement applies to matters relating to international trade and investment and includes joint commitments to provide opportunities for public comment on proposed 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.
“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,” Ambassador Froman commented. “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.”
During the signing ceremony, Ambassador Froman and Ambassador Altangerel reiterated the importance of U.S.-Mongolia trade and economic relations and their mutual desire to continue to promote trade cooperation through the U.S.-Mongolia Trade and Investment Framework Agreement (TIFA). Ambassador Froman also offered his appreciation to officials from the U.S. Department of State for their key support leading up to the signing and exchange of letters.