Mongolia, South Korea strengthen strategic partnership

South Korean President Lee Jae Myung and his Mongolian counterpart Ukhnaa Khurelsukh declared a new era of bilateral relations during a landmark summit in Ulaanbaatar, Thursday.

The leaders agreed to a Comprehensive Economic Partnership Agreement which mutually eliminates tariffs on over 90 percent of imports, including vital rare earth minerals and copper, while expanding access for South Korean consumer goods in Mongolia. Moreover, the two nations reaffirmed to collaborate closely on digital innovation, including future-oriented AI initiatives.