OYU TOLGOI TEMPORARY POWER AGREEMENT REACHED BETWEEN CHINA AND MONGOLIA
August 24 (InfoMongolia) The Vice Chairman of the Autonomous Region People's Government, Inner Mongolia Autonomous Region,Mr. Pan Yiyang has made a two-day working visit in Mongolia at the invitation of Deputy Minister for Foreign Affairs Gonchigzeveg TENGER on August 23-24, 2012.
Within the visit, the Vice Chairman Pan Yiyang made an official negotiation with spokesmen of the Ministry of Foreign Affairs, where the signing ceremony of the Memorandum of Understanding was inked by the State Secretary of the Ministry Badamdorj BATKHISHIG, following the Vice Chairman met with the Minister for Foreign Affairs Luvsanvandan BOLD, Deputy Minister Gonchigzeveg TENGER and the Deputy Prime Minister Dendev TERBISHDAGVAaccordingly.
In the scope of the Memorandum, it was resolved temporarily to import the electric power from China and implement immediately in order to supply with power the Oyu Tolgoi project. Also, it was exchanged opinions on developing the border port mining trading into international scale level. Moreover, within the up-building in border port territory, working groups from two sides are to work in implementing the investment procedures from China in Zamyn-Uud Free Trade Zone and the road of 1.1 km between Zamyn-Uud and Ereen (Erlian) cities will be accomplished with China assistance.
The Permanent Consultation working groups' meetings are decided to be held annually between Ministry of Foreign Affairs of Mongolia and the Autonomous Region People's Government of Inner Mongolia Autonomous Region, China to discuss further mutual economic and trade collaborations.
Free Trade Zones of Mongolia
Establishing Free Trade Zones is another way of facilitating the freer flow of trade and businesses. For the purpose, "The Concept of Establishing Free Economic Zones" was approved by the State Great Khural (Parliament) of Mongolia by Resolution No. 87 in 1995.
For the purpose of regulating relations with respect to the establishment of free zones and their forms, powers of governing bodies, monitoring mechanisms and determining the legal basis for and the realization of special tax and customs conditions, the "Law on Free Zone of Mongolia" was approved by the Parliament in June of 2002.
"Free Zone" shall mean part of the territory of Mongolia under special conditions for business and investment that should be considered to be outside the territory in terms of customs and taxation.
Mongolia has established a basic legal framework for Free Zones and specific laws on the legal status of Free Trade Zones in Altanbulag (northern border), Tsagaannuur (western border) and a free economic zone in Zamyn-Uud (southern border). The implementation work on these free zones has commenced.
Within the visit, the Vice Chairman Pan Yiyang made an official negotiation with spokesmen of the Ministry of Foreign Affairs, where the signing ceremony of the Memorandum of Understanding was inked by the State Secretary of the Ministry Badamdorj BATKHISHIG, following the Vice Chairman met with the Minister for Foreign Affairs Luvsanvandan BOLD, Deputy Minister Gonchigzeveg TENGER and the Deputy Prime Minister Dendev TERBISHDAGVAaccordingly.
In the scope of the Memorandum, it was resolved temporarily to import the electric power from China and implement immediately in order to supply with power the Oyu Tolgoi project. Also, it was exchanged opinions on developing the border port mining trading into international scale level. Moreover, within the up-building in border port territory, working groups from two sides are to work in implementing the investment procedures from China in Zamyn-Uud Free Trade Zone and the road of 1.1 km between Zamyn-Uud and Ereen (Erlian) cities will be accomplished with China assistance.
The Permanent Consultation working groups' meetings are decided to be held annually between Ministry of Foreign Affairs of Mongolia and the Autonomous Region People's Government of Inner Mongolia Autonomous Region, China to discuss further mutual economic and trade collaborations.
Free Trade Zones of Mongolia
Establishing Free Trade Zones is another way of facilitating the freer flow of trade and businesses. For the purpose, "The Concept of Establishing Free Economic Zones" was approved by the State Great Khural (Parliament) of Mongolia by Resolution No. 87 in 1995.
For the purpose of regulating relations with respect to the establishment of free zones and their forms, powers of governing bodies, monitoring mechanisms and determining the legal basis for and the realization of special tax and customs conditions, the "Law on Free Zone of Mongolia" was approved by the Parliament in June of 2002.
"Free Zone" shall mean part of the territory of Mongolia under special conditions for business and investment that should be considered to be outside the territory in terms of customs and taxation.
Mongolia has established a basic legal framework for Free Zones and specific laws on the legal status of Free Trade Zones in Altanbulag (northern border), Tsagaannuur (western border) and a free economic zone in Zamyn-Uud (southern border). The implementation work on these free zones has commenced.
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