This article covers trade and investment between India and Mongolia: the agreements that frame economic relations, trade figures by year, the main goods traded, and the business events and delegations recorded in the Ministry of External Affairs (MEA) brief on India-Mongolia relations of April 2026.

Agreements on trade and investment

The brief traces the foundation of the economic partnership to the visit of the then Minister for Commerce, Shri Pranab Mukherjee, in 1994. Two MoUs were signed during that visit: one on the establishment of a Joint Trade Sub-Committee, and one on cooperation between the Planning Commission of India and the National Development Board of Mongolia.

Two agreements followed in 1996. An agreement for cooperation in the field of Geology and Mineral Resources was signed in September 1996, and an Agreement on Trade and Economic Cooperation was signed in the same year. The trade agreement provides for MFN status to each other in respect of customs duties and all other taxes on imports and exports.

During the visit of President Bagabandiin in 2001, both sides signed an Investment Promotion and Protection Agreement. According to the MEA brief of April 2026, this agreement is currently under review.

Trade figures

The brief gives trade figures gathered from the National Statistical Office (NSO) of Mongolia, in USD million:

  • 2019: India's exports 37.1, imports 1.2, total trade 38.3
  • 2020: exports 34.6, imports 0.74, total trade 35.3
  • 2021: exports 63.6, imports 0.28, total trade 63.8
  • 2022: exports 91.0, imports 0.74, total trade 91.7
  • 2023: exports 64.32, imports 1.11, total trade 65.43
  • 2024: exports 110.372, imports 0.504, total trade 110.876
  • 2025: exports 99.332, imports 1.480, total trade 100.812

The brief describes bilateral trade as modest in value and volumes, given geographical transportation challenges. It also states that trade has registered a steady increase over the last few years but is not commensurate with the relationship and goodwill for India.

Main items traded

India's main exports to Mongolia, as listed in the brief, are sugar, medicines, mining machinery, mechanical and auto parts, and steel pipes and tubes. Imports from Mongolia include raw cashmere wool and leather.

Trade, Tourism and Technology

The brief states that the Indian mission in Ulaanbaatar has for many years focused on harmonising "3 Ts", Trade, Tourism and Technology, while attempting to expand trade and economic cooperation. It describes efforts to expand bilateral trade in non-mining sectors in particular.

A business meet titled 'Expanding 3T horizons with Mongolia' was organised by the Mission in March 2022 with the Mongolian National Chamber of Commerce and Industry (MNCCI) and 3 chambers of commerce from India. The brief records participation from 250 businessmen and entities.

Exhibitions and business events

  • In May 2019, the first India-Mongolia Oil and Gas Exhibition was jointly organised by the Embassy of India, the Ministry of Mining and Heavy Industry, Mongol Refinery and Engineers India Ltd, to take advantage of the spin-off benefits of the USD 1.7 billion Oil Refinery being built with Indian assistance. The brief says 32 Indian companies, including TATA Projects, ASCONS and IGSEC, and 3 Mongolian companies showcased their products and services. A second edition, planned to coincide with a Mining Expo, could not be held due to the Covid pandemic.
  • In November 2019, 40 Indian MSME companies led by the PHD Chamber of Commerce and Industry took part in the 'Misheel Expo' in Mongolia, which the brief describes as a first.
  • In January 2020, as part of the 65th anniversary celebrations of diplomatic relations, the Mission and MNCCI held a day-long business event titled "India: Land of Business Opportunities", highlighting Make in India, Skill India, Digital India and other areas.
  • In November 2022, with ITPO and the Ministry of AYUSH, the Mission organised an SME-focused 'India Pavilion' at the International Distributors Mongolia Expo in Misheel, in which 14 Indian companies took part.

Mining, coal and minerals

A 14-member team led by the Economic Advisor, Ministry of Mines, with members from the Geological Survey of India, HCL, NMDC, MECL and NALCO, took part in the 12th International Mining and Oil Expo (MINEX-2023), held from 3 to 5 October 2023.

In 2024, the Mission organised virtual and physical meetings for senior delegates from India's Ministry of Coal, Steel and Mines. Public sector companies (SAIL, NMDC, MOIL) and private steel companies (JSW, Arcelor Mittal Nippon Steel) also visited Mongolia to explore the possibility of importing coking coal. A senior official delegation from the Ministry of Steel and Mines took part in MINEX 2024 in October 2024, and a Coal India delegation participated separately in Mongolia Mining Week 2024 in the same month.

The Mission also initiated talks between Mongolian companies and IREL India in June 2025.

Pharmaceuticals

The brief records that the Mission organised meetings with business associations and chambers of commerce of India in the pharmaceutical sector. These were held in collaboration with the European Bank for Reconstruction & Development (EBRD) and MNCCI.