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India-Mongolia Economic Relations: Current Status and Future Prospect

Author

Listed:
  • Prabir De

    (Research and Information System for Developing Countries)

  • Sreya Pan

    (Research and Information System for Developing Countries)

Abstract

The long historical relation of India-Mongolia was translated to diplomatic relationship in 1955, after three decades of Mongolia's independence. With the India's Act East Policy, the relation with Mongolia plays a critical role towards India's association with Northeast Asian countries. The volume of India-Mongolia trade has been growing at a faster pace since last decade. However, it is under performed than its potential level. The paper indicates that India and Mongolia have strong trade potential in petroleum products, iron and steel products, cements, pharmaceuticals, minerals etc. India has potentiality to invest in diversified areas of trade and social sectors. Trade and investment will be enhanced by reducing barriers to trade and need to have stronger monetary policy and stable business environment. Mongolian government has shown their concern towards attracting foreign investment in different areas along with mining. The stronger bilateral relation will help two countries to unlock their trade and investment potential with more regional accessibility.

Suggested Citation

  • Prabir De & Sreya Pan, 2017. "India-Mongolia Economic Relations: Current Status and Future Prospect," The Northeast Asian Economic Review, ERINA - Economic Research Institute for Northeast Asia, vol. 5(2), pages 31-47, October.
    • Handle: RePEc:eri:review:5:2:31-47
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    File URL: https://www.unii.ac.jp/erina-unp/archive/en/wp-content/uploads/2018/05/naer52-3_tssc.pdf
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