Mongolia joins the Service Trade Policy Database (STPD) of the World Trade Organization (WTO) and the World Bank, marking a significant step to enhance transparency and openness in the services sector, underscoring its crucial role in driving economic development.
By inputting data from the services sector into the WTO database, Mongolia will enhance transparency and create opportunities to align its trade policies with international standards, vital for attracting foreign investment and fostering sustainable economic diversification.
The research study to be included in the database was conducted by Tugs & Co Law Firm at the initiative of the Ministry of Foreign Affairs of Mongolia. A launching conference to present the research report was held at the Ministry of Foreign Affairs on February 19th 2025, with over 60 representatives from the government, international organizations, the private sector, and academia engaged in a productive exchange of views and insights.
Services play a vital role in Mongolia's economic development, contributing to GDP growth, job creation, and enhanced international competitiveness. The speakers emphasized the importance of aligning Mongolia's service trade policy with the international system at a time when the global economy is becoming more and more interconnected.
Additionally, WTO special guests Mr. Joscelyn Magdeleine and Ms. Laura Baiker participated in the conference online, highlighting that Mongolia is the 135th country to join the database. They reaffirmed the WTO's commitment to supporting the ongoing process of database integration and pledged to provide continued guidance.
The Ministry, in cooperation with Tugs & Co Law Firm and the EU’s ITDM project, is currently finalizing the process of inputting Mongolia's service sector data into the STPD database of the WTO, with completion expected in March of this year.
