The US and Mongolia have confirmed that a new trade transparency agreement between the two countries will be entering into force soon.

At an official ceremony, representatives from the two countries finalized their respective applicable legal requirements and procedures for the Agreement on Transparency in Matters Related to International Trade and Investment between the US and Mongolia, meaning the new arrangements will be introduced within 60 days.

This new agreement aims to clarify and formalize several key transparency issues as they pertain to international trade and investment, including joint commitments to provide opportunities for public comment on proposed laws and regulations, and to publish final laws and regulations in English, making it easier for overseas businesses to trade with Mongolia.

Additionally, the countries have pledged that administrative agencies will apply fair, impartial and reasonable procedures at all times, with those affected having the right to appeal any decisions. Further new measures will address bribery and corruption issues.

US trade representative Michael Froman said: "Transparency is critical to the proper and efficient functioning of international trade and investment, and the implementation of this agreement will help provide producers, suppliers, exporters and investors with the needed predictability that comes with a clear understanding of the policies and practices that are going to be applied."

During the formal ceremony, Mr Froman and Mongolia's US ambassador Bulgaa Altangerel also underlined the importance of continuing to promote trade cooperation through the US-Mongolia Trade and Investment Framework Agreement, which was signed in 2004.

The trade relationship between the two countries saw strong growth until 2012, thanks in large part to US efforts to help develop Mongolia's mining sector, but a subsequent decline in the Mongolian economy has seen imports and exports both decline since then.