Ministry of Trade Industry and Resources

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and Jadambyn Enkhbayar, Mongolia’s First Deputy Prime Minister and Minister of Economy and Development, held a Korea–Mongolia trade ministers’ meeting in Mongolia on June 17, 2026. The two sides discussed expanding economic cooperation with resource-rich Mongolia and advancing negotiations on the Korea–Mongolia Comprehensive Economic Partnership Agreement (CEPA).

Mongolia is one of the world’s major resource-rich countries, with abundant minerals essential to advanced industries, including copper, molybdenum, and rare earth elements, and is an important emerging trade partner for Korea’s critical mineral supply chain stabilization strategy. Since upgrading their bilateral relationship to a Strategic Partnership in 2021, Korea and Mongolia have strengthened cooperation across politics, the economy, culture, and other areas. However, they have had no separate trade agreement to provide an institutional basis for expanding bilateral trade and investment, and have been pursuing the Korea–Mongolia CEPA since November 2023.

During the meeting, Minister Yeo stressed the importance of concluding the Korea–Mongolia CEPA at an early date, noting that the agreement is key to accelerating bilateral economic cooperation and strengthening supply chain links. In the working groups on goods and rules of origin, the key areas of the CEPA negotiations, the two sides worked to align their positions toward a mutually beneficial outcome.

Minister Yeo also held a roundtable with Korean companies operating in Mongolia and heard specific business concerns on the ground, including customs clearance delays and strict CEPA rules-of-origin certification requirements. At the trade ministers’ meeting, he asked the Mongolian government to give close attention to these issues and help address them.

“The Korea–Mongolia CEPA will provide a key institutional foundation for expanding bilateral trade and investment and building a stable supply chain partnership,” Minister Yeo said. “We will accelerate the negotiations to reach a mutually beneficial outcome.”