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South Korea and Mongolia Finalize CEPA Trade Deal on July 9, Waive 2-5% Tariffs on Key Minerals

2026-07-09 12:16:19

According to South Korea's Ministry of Industry, Trade, and Resources, South Korea and Mongolia finalized their Comprehensive Economic Partnership Agreement (CEPA) on July 9 during a presidential visit, breaking a 1.7-year stalemate in negotiations. Under the agreement, import tariffs on Mongolian copper, molybdenum, and rare earth metals will be waived immediately upon implementation. The deal also eliminates tariffs on Korean cosmetics and pharmaceutical products entering Mongolia, with duties on instant noodles and seaweed to be phased out within five years.

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