Expansion of Mongolia's cooperation with the EAEU and SCO - an opportunity to develop trade with the Russian Federation

Speaking about the opportunities for expanding Mongolia's cooperation in the Eurasian Union (EAEU) and the SCO, Russian State Duma Speaker Vyacheslav Volodin emphasised the need to use these opportunities to develop trade with Russia. He expressed his position during a meeting of the first commission on cooperation between the parliaments of the Russian Federation and Mongolia.

Volodin suggested exploring all additional growth points and prospects for increasing trade turnover within the parliamentary dimension. He emphasised that the commission should focus on the development of economic ties. In 2022, the volume of trade turnover grew by 42 per cent to reach a record 2.6 billion US dollars. Volodin emphasised the need to maintain and increase this level.

The Duma speaker noted that more and more countries are striving for sovereignty and independent planning of their future. He noted that the BRICS summit in South Africa vividly demonstrated this trend. The international organisation is of interest to many countries, and more and more states want to join the BRICS group, so the development of formats in which parliaments play a role is very important, as reported by TASS.

The delegation of the State Duma, headed by Speaker Vyacheslav Volodin, arrived in Mongolia on 23 September.