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US Senators reintroduce bill to raise trade with Mongolia

22
Apr '19
US Senators reintroduce bill to raise trade with Mongolia
US Senators Ben Cardin and Dan Sullivan recently reintroduced a legislation to improve US trade relations and economic ties with Mongolia. Mongolia contributes to US national security goals in Asia and in the Middle East and the Mongolia Third Neighbour Trade Act will facilitate job and economic growth that can help both the nations, said Senator Cardin.

Congressman Ted Yoho and Congresswoman Dina Titus have introduced a companion legislation in the House of Representatives. Mongolia produces more than one-third of the world’s raw cashmere. Most of it is exported to China and the United States buys nearly all of its cashmere products from China.

The act will allow for duty-free entry of Mongolian cashmere into the United States for items that do not compete directly with any US products, according to a press release from Senator Cardin.

A stronger bilateral trade relationship would benefit Mongolia and the United States by eliminating the shadow of unfair trade practices by China that likely have hampered the emergence of a Mongolian garment industry, the release said.

“Our bill also will help bring stability, employment and economic empowerment to the women of Mongolia who comprise most of the country’s garment industry,” said Senator Cardin.

“It is estimated that this simple act will create upwards of 40,000 jobs primarily for women who make up ninety percent of the garment industry in Mongolia,” said Congressman Ted Yoho. (DS)

Fibre2Fashion News Desk – India


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