01:19 GMT +314 November 2018
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    The cable-stayed bridge across Eastern Bosphorus Strait to Russky Island in Vladivostok. (File)

    Mongolia Mulls Establishing Its Trade Mission in Vladivostok, Russia

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    VLADIVOSTOK (Sputnik) - Russian President Vladimir Putin commended Wednesday progressive development of relations between Russia and Mongolia and noted positive indicators of bilateral economic cooperation.

    "The relations between our countries are developing are developing on the basis of previously reached agreements. In general, we are satisfied [with the progress]," Putin said at the Eastern Economic Forum at the talks with his Mongolian counterpart Khaltmaa Battulga.

    Vladimir Putin also noted positive indicators of bilateral economic cooperation.

    In turn, Mongolian President Khaltmaa Battulga said Wednesday at the Eastern Economic Forum during talks with Russian President that Ulaanbaatar is planning to set up its trade office in the Russian Far East city of Vladivostok.

    "As part of cooperation with the Far East regions of Russia we are planning to open our trade mission in the city of Vladivostok,"  Battulga said.

    READ MORE: Mongolia Asks Russia to Rearm National Air Defense Forces

    According to the Russian Foreign Ministry, Moscow is the second largest economic partner of Ulaanbaatar after Beijing, however, the trade has been decreasing since 2012. The two states implement a number of joint projects in many spheres, such as railways and agriculture.

    In May, Russia's leading oil company Rosneft has signed an agreement on long-term supplies of petroleum products with Mongolia. In particular, the company’s subsidiary Rosneft-Mongolia KOO office will sell gasoline and diesel fuel to 12 consumers, which include Mongolia’s largest retail network owners such as NIK KOO, Magnay Trade КОО, Oin Birge KOO, and Sod Mongol Group. According to Rosneft, the total value of contracts is about USD 2.1 billion.

    In February, Russia's Rosatom and Mongolia's Nuclear Energy Commission have signed a memorandum of cooperation to establish Mongolia's nuclear scientific research center.

    READ MORE: Russian Railways Seeks to Ramp Up Transit Through Mongolia

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    Tags:
    economy, cooperation, opening, trade mission, 2018 Eastern Economic Forum (EEF), Battulga Khaltmaa, Vladimir Putin, Vladivostok, Mongolia, Russia
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