Current State and Prospects of Economic Cooperation between Mongolia and EAEU

Abstract

Aim and tasks. To examine and identify the specific features of economic interaction between Mongolia and the Eurasian Economic Union (EAEU) at the present stage. To analyze historically established trade relations and foreign trade structures as an example of asymmetric integration interaction and prospects for further development. Methods. During the study, the authors used the following methods: chronological approach, document analysis method, system analysis method, institutional analysis and content analysis. Results. The authors emphasized that Mongolia, being located in the very center of Eurasia, has strategic opportunities for joining the EAEU. Based on statistical data, it is shown that trade turnover is conducted mainly with Russia (97.2%), and with other EAEU member countries — only 2.8%. Conclusions. It is necessary to implement a broad front of trade relations between Mongolia and the EAEU member countries, primarily in the energy sector (development, extraction and export of rare earth elements, lithium, copper, titanium, coal, uranium) and transport communications.