Korea-Mongolia CEPA Agreement Reached in Principle, Expanding Cooperation on Critical Minerals and AI

South Korea and Mongolia 2026 year 7 month 9 day reached an agreement in principle on a comprehensive economic partnership agreement (CEPA). The Ministry of Economy and Finance said that the agreement establishes an institutional foundation for expanding trade and investment between the two countries, 10 day.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol met with Jadam-Ba Enkhbayar, Mongolia's Deputy Prime Minister and Minister of Economic Development, and Jagsgdjav Mendsaikhan, Minister of Finance, respectively, at a Mongolian government building 9~10 day to discuss economic cooperation.

The two sides held discussions across multiple areas, including cooperation on critical mineral supply chains, the development of AI and digital infrastructure, renewable energy development, and distribution and logistics cooperation, the Ministry of Economy and Finance announced.

Based on publicly available figures regarding Mongolia's resource status, copper reserves are ranked among the world's 7th, while molybdenum production is assessed as the world's 9th.

Rare-earth reserves are assessed as the world's 2th, while renewable-energy potential is estimated at 2,600gigawatts.

As a specific project, the two countries agreed to build Mongolia's No. 2National Cancer Center, and it was announced that the cancer center would be developed with 400beds and a total floor area of 95,000㎡. Cooperation measures through the Economic Development Cooperation Fund (EDCF) were also included.

To connect the negotiation results to practical implementation, the two countries agreed to operate a hotline between their vice ministers, while details such as the signing and implementation schedules are to be finalized later.