An agreement to utilise India's line of credit of USD 1 billion to Mongolia for developing railways and infrastructure projects was signed between the two countries after they held extensive talks covering entire gamut of ties. Minister of State for External Affairs V K Singh and Mongolian Foreign Minister L Purevsuren, at the 5th meeting of India-Mongolia Joint Committee on Cooperation, deliberated on range of issues and agreed to further step up engagement. The USD 1 billion credit was announced by India during Prime Minister Narendra Modi's visit to that country in May last year.
The two sides also signed protocol on the exchange of instrument of ratification of the treaty between the two countries on the transfer of sentenced persons. The deal will facilitate serving of sentence by convicted persons in their home countries. Purevsuren's visit is part of the intensified bilateral exchanges following upgrading of ties to the level of strategic partnership during the historic visit of Prime Minister Modi to Mongolia in May last year.
During that visit the relationship was upgraded to Strategic Partnership and a series of important agreements including in the defence and security fields were signed. Lok Sabha Speaker Sumitra Mahajan had visited Mongolia this month. The two sides also reviewed implementation of important understandings reached during Modi's visit and deliberated on on regional and global issues of mutual interest.
"We attach importance to further strengthening and deepening bilateral ties with Mongolia. Visit of Foreign Minister Purevsuren will make positive contribution towards this objective," said the Ministry of External Affairs.
