AKIPRESS.COM - In the framework of the Economic Partnership Agreement between Mongolia and Japan, 5 thousand 700 Mongolian goods and 9 thousand 300 Japanese goods will be exempted from the customs taxes, according to News.mn.

The measure is taking effect starting from June 7, 2016.

Import taxes on Japanese cars will be exempted too, applying to those vehicles which have been used in Japan for no more than three years. The vehicles which have been on the roads for 4-6 years already will meet tax reduction, while the older vehicles will have no exemptions.

The annual balance of trade between the two countries is estimated at around US$300-500 million, making 3-4% of the Mongolia’s total international trade.