On the 14th of November, 2020, the Japan International Cooperation Agency (JICA) signed a Record of Discussions for the Project for Enhancement of the Fair Competition Environment in Mongolia (Phase 2) with the Mongolian government in Ulaanbaatar.
The project will help ensure proper enforcement of the Law on Competition, which is expected to be revised, as well as bolster the environment for fair market competition. It will contribute to the achievement of SDGs Goal 8 and 16 in Mongolia.
After Mongolia shifted from socialism to a market economy in 1990, the Law on Competition was established and revised in order to promote fair competition. The Authority for Fair Competition and Consumer Protection has been in charge of enforcing such ordinances. The planned revisions to the Law on Competition will include major revisions to the terms of the regulations regarding monopolies, merger controls, cartels, etc.
During the course of the preceding Project for Enhancement of the Fair Competition Environment in Mongolia, JICA obtained the cooperation of the Japan Fair Trade Commission to train Authority for Fair Competition and Consumer Protection investigators as well as provide advice in drafting reforms for the Law on Competition. The results of the project will help strengthen the ability of the Mongolian government to develop an environment for fair competition and promote a market economy.
JICA's support aims to help Mongolia create a fair business environment which provides high-quality products and services at a fair price to consumers. In Mongolia, while an economic partnership agreement (EPA) with Japan takes effect, where it is expected that businesses will begin to cooperate more freely, these initiatives are intended to improve the business environment as well as open the country for investment by entrepreneurs and investors alike.
Source: Japan International Cooperation Agency