Switzerland and Mongolia sign accord to boost relations

Switzerland and Mongolia have signed a double taxation accord in a ceremony that marks another key step on the way toward building closer trade relations.

Switzerland and Mongolia have signed a double taxation accord in a ceremony that marks another key step on the way toward building closer trade relations.

The accord was signed Monday after talks between Swiss Foreign Minister Joseph Deiss and Mongolian Foreign Minister Nyam-Osor Tuya, who was on an official visit to Switzerland.

The Mongolian minister also held talks with Swiss President Ruth Dreifuss.

The Swiss foreign ministry describes the current level of trade relations with Mongolia as modest but points out that Ulan Bator is taking a keen interest in expanding relations with Europe. Germany is currently the biggest European trading partner of Mongolia.

In 1997, Switzerland and Mongolia signed an accord on the protection of investments – an agreement that took effect four months ago.

A Swiss foreign ministry spokesman said the government hoped that an air traffic agreement might also be completed by the end of the year.

Most of Switzerland’s economic support of Mongolia comes via international institutions, such as the World Bank and the United Nations Development Programme.

In the education sector, the authorities have offered five scholarships for Mongolian students who would like to study at Swiss universities, the Swiss foreign ministry said Monday.

From staff and wire reports.