The APEC or Asia-Pacific economic cooperation economies account for 89.5 percent of Mongolia’s foreign trade turnover and 50.62 percent of foreign direct investment inflows to Mongolia since 1990. Therefore, it is of vital importance for Mongolia to join APEC and to deepen cooperation with the most powerful economies of the world which generate over 50 percent of the gross world product.
Currently Mongolia is a full member of Pacific Economic Coopera¬tion Committee initiated by APEC and has been participating as an observer in all the meetings and sessions held within the APEC except its Summit.
During his state visit to Mongolia paid in August, President of the PRC Mr Xi Jinping has expressed a support for Mongolia's proposal to become the 22nd member of the Asia-Pacific Economic Cooperation. Mr Xi Jinping invited President of Mongolia Mr Elbegdorj to come to China to participate in the APEC summit which will be held in Beijing this November.
Next year China will take over the APEC chairmanship. In view of this, Mongolia has to make great strides in forwarding its bid to become a member of APEC.
By joining APEC or regional integration process Mongolia will be able to achieve considerable economic gains and long term sustainable economic growth.
Mongolia’s membership goes beyond economic considerations. Mongolia has friendly political and economic relations with every single country in the Asia-Pacific region. To support stability and security in the region, President of Mongolia Mr Elbegdorj has come up with initiative for Ulaanbaatar Dialogue on the Security of North East Asia, one of the subregions of the Asia-Pacific.