Хураангуй:
In the new era of globalization, every country aims to increase the income of the people and improve the quality of life by increasing the efficiency of trade participation, and by improving the balance of trade. However, the integration of the national economy with the world economy through the exchange of goods and services, capital flows, technology, information, and labor migration, ultimately requires greater trade liberalization. With the globalization of the world economy today, the impact of international trade on national economic development is increasing. Mongolia is not excluded from these countries.
In the past few years, Mongolia has gradually implemented policies to liberalize its foreign trade and foreign investment regimes, with the aim of promoting economic growth through active trade policies, and increasing the country’s exports. However, during the transition period, Mongolia experienced several turbulences. The country had to go through a long and difficult road to opening its markets, liberalizing trade, and establish a system with greater degree of competition and broad asset ownership, all of which have helped overcome the economic recession in the early stages of the transition and stabilize the economy.
From 1921 to 1950, Mongolia's only major foreign trade partner was the Soviet Union. In 1962, Mongolia became a member of the Economic Mutual Aid Committee, and began to trade with a few capitalist countries and some socialist countries that were members of the committee. In the 1990s, Mongolia switched from a centrally planned economy to a market economy, and began to pursue an open economic policy with no restrictions on trade, labor or capital exchange with foreign countries. The implementation of an open economic policy has established trade and economic relations with all countries in the world, and has begun to participate in international trade.
