REPUBLIKA.CO.ID, NUSA DUA -- Asia Pacific Economic Cooperation (APEC) will soon have a new player. Mongolia would join to the club as the 22th  member this year, Foreign Affair Minister, Bold Luvsandvandan said in APEC Ministerial Meeting on Sunday, Oktober 5, in Nusa Dua, Bali.

"This is one priority of our foreign policies," said Luvsandvandan. He refered back to the 1993 proposal in which Mongolia had offcially stated its intention to be part of the group

Mongolia lies in Asia Pacific region, between world's two biggest economies, Russia and China. Pacific Ocean is the sea gate to access this 2,75 millions populated country.

Geographic location,  Luvsandvanda stressed, was not the only factor of the decision. Mongolia has set a high trade record with members of APEC, he added.

The country maintained almost 90 percent (89,5) of its total international trade with APEC economies, including 50,62 percent in foreign direct investment

China, Canada and Russia so far became the the country's largest export destination, markets for 96,4 percent of Mongolia goods. Meanwhile United Stated of America, also with China and Russia were the biggest import partners with total 76,8 percent contribution.

Mineral was the most important export commodity as the country had abundant resources, ranging from copper deposit ( 83.807 million tons), coal (18.473 million tons), gold (2,4 million tons) and zinc (1.74 million ton). APEC economies were the major markets of Mongolia's mineral products.

In his statement Luvsanvanda high-lightened the importance of open market and global trade liberalization in Mongolia's economic growth and would strongly support them in the future. He said the country has made 'peer to peer' trade deal with 44 members of APEC. Recently Mongolia and United States signed the transparency agreement on international trade and investment. 

Mongolia has rolled the welcome mat for open market and geared up with five economic transit corridors.

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