ULAN BATOR, July 23 (Xinhua) -- Mongolia and Japan signed a joint statement on Tuesday to strengthen bilateral economic cooperation and enhance trade and investment between the two countries.
On a visit to Japan, Mongolian President Tsakhia Elbegdorj met with Japanese Prime Minister Shinzo Abe and signed a joint statement affirming the Economic Partnership Agreement (EPA) will be established and augmenting trade and investment between Mongolia and Japan.
The document highlighted three principles of working together to expedite the signing and ratification of the Japan-Mongolia EPA: rendering supports to Mongolia to augment its export of internationally competitive value-added products; cooperating in economic structure reforms, and transparent and stable economic policies.
During their talks, both sides expressed their satisfaction with intensifying bilateral relations and reaching accord in principle to establish the EPA, a result of the persistent efforts of the two governments.
"We hope that the establishment of this agreement will create favorable business and investment environment as well as stable legal framework for both countries," said Elbegdorj.
"It is considered possible for two sides to sign and ratify the Economic Partnership Agreement in the first quarter of next year," he said.
For his part, Abe said he "totally agreed" with Elbegdorj on matters to "make our economic relationship even closer to strengthen our strategic partnership."
"Japan is for consolidating mutually beneficial relations and boosting strategic partnership with Mongolia," he said.