At the tail-end of the Cold War, Mongolia has made a sovereign decision without consultation with the former USSR, and the first country to establish diplomatic ties without specific requirement was the Republic of Korea. Since 26th March 1990, bilateral trade has been the key driver in the 27 years of the diplomatic relations The paper aims to analyze each country’s trade policies, identify its status-quo and the bilateral trade relations. The finding of the research suggests, in order for both for both countries to harness the potential of the bilateral trade, it is recommended to build a joint plant, to enter into an Economic Partnership Agreement and expand mutually profitable partnership immediately. In July 2016, during ASEM meeting presidents of both countries have agreed to carry out feasibility study on the possibilities of Economic Partnership Agreement; and the author hopes this paper will contribute to that preliminary study.
1. Foreign trade policy of Mongolia
2. The topic of bilateral trade between Mongolia and Republic of Korea (ROK) in the academia
3. Current Status of Foreign Trade of Mongolia
4. Status-Quo of The Foreign Trade of Republic of Korea
5. Foreign Trade Policy of Republic of Korea
6. Conclusions
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