- Strategic Partnership with Mongolia and Expansion of Mutually-beneficial Cooperation

- Strengthening Cooperation with Mongolia, including on Critical Minerals and Stability of Supply Chain 

1. Vice Minister of Foreign Affairs Lee Dohoon held the 7th Korea-Mongolia Joint Committee Meeting with Chief Cabinet Secretary of the Government of Mongolia Dashzegve Amarbayasgalan in Ulaanbaatar, Mongolia, on June 26 and discussed the relations between the two countries, economic and substantive cooperation, people-to-people and cultural exchanges, and ways to work together on the Korean Peninsula, regional, and global issues.

2. This seventh Korea–Mongolia Joint Committee Meeting served as an opportunity to review the progress in the Korea-Mongolia cooperative relationship for the first half of the year by discussing follow-up measures in the areas of cooperation agreed upon on the occasion of high-level exchanges that were more active than ever, including an official visit to Mongolia by Minister of Foreign Affairs Park Jin last August and an official visit to Korea by Mongolian Prime Minister Oyun-Erdene Luvsannamsrai this February, the first of its kind in 12 years. 

3. The two sides highly appreciated that Korea and Mongolia, as strategic partners that share universal values including freedom, democracy, and human rights, have been developing mutually-beneficial cooperation in a wide range of areas such as economic affairs, development cooperation, Korean Peninsula issues and cooperation in the international arena. The two sides also agreed to achieve more results based on the accomplishments attained through the high-level exchanges that have been actively taking place recently. 

4. The two sides shared the view that as the economic structures of the two countries are complementary, they could pursue mutually-beneficial cooperation in a variety of sectors by utilizing the strengths that each country has. Suggesting the need to accelerate negotiations related to an economic partnership agreement and a bilateral investment agreement to improve institutional mechanisms for more active economic cooperation between the two countries, Vice Foreign Minister Lee particularly requested attention and cooperation of Mongolia so that Korean companies in Mongolia could perform their business in favorable circumstances.

5. Vice Foreign Minister Lee stated that amid spreading uncertainty of supply chains due to the changes of external environment, cooperation with Mongolia which has abundant natural resources is important and Korea will actively participate in supporting capacity building for the development of the Mongolian mineral industry and strengthening related infrastructure. Vice Foreign Minister Lee added that as part of such efforts, Korea, the U.S., and Mongolia will discuss ways to work together such as joint exploration and investment in the mineral industry in their trilateral high-level meeting on June 27.

6. Chief Cabinet Secretary Amarbayasgalan introduced the new town development policy of the Mongolian government that is being pushed forward as a part of an economic development policy, and requested attention and cooperation of Korea. Vice Foreign Minister Lee said that he looked forward to contributing to Mongolia’s efforts for balanced regional development and easing population concentration through the development of Kharkhorin that is being pushed forward as a new project of the Korea International Cooperation Agency (KOICA). 

7. The two sides anticipated that the two countries would cooperate more actively in international emissions reduction projects and climate technology cooperation based on the Korea-Mongolia Climate Change Cooperation Framework Agreement which came into force in June. Vice Foreign Minister Lee said that the Korean government is planning to support the ‘Planting 1 billion trees,’ one of national tasks of Mongolia, through the project for restoration of forest areas after forest fire and for response capacity building.

8. The two sides agreed to seek ways to facilitate people-to-people and cultural exchanges and discussed ways for visa simplification, while agreeing to strengthen cooperation between related institutions to protect their nationals staying in each other’s countries.

9. In addition, the two sides agreed to strengthen cooperation for peace and stability on the Korean Peninsula and in Northeast Asia, and Vice Foreign Minister Lee requested continued attention and support of Mongolia regarding Korean Peninsula issues, as Mongolia has established diplomatic relationship with both South and North Korea and has an overseas mission in North Korea. Chief Cabinet Secretary Amarbayasgalan expressed his gratitude to Korea for dispatching high-ranking officials to the Ulaanbaatar Dialogue for regional multilateral security cooperation that Mongolia hosts.