Foreign trade plays an essential role in Mongolia's economy and the country has been pursuing a relatively liberal foreign trade policy during the course of its transition toward a market economy. However, aiming at supporting domestic industries and encouraging manufacturing and higher value-added production in the country, Mongolia's recent trade policy favors raising its customs duty rates up to the WTO bound levels. An analysis of the effects of Mongolia's import tariff reforms on the country's economy using the standard CGE Model and GTAP Data Base (Version 8.1) revealed that although the country's domestic production would expand as a result of the import tariff reforms, they would result in losses of the country's total welfare, as the allocative efficiency losses are greater than the terms-of-trade gains. Therefore, it is required to spend the additional import tax revenues properly in order to compensate for such losses. In addition, the increased import tariffs had a similar effect to a real exchange rate appreciation and resulted in decreased exports. However, in the case of Mongolia raising import tariffs to its WTO bound rates, the country's industrial output would expand along with the increased exports of Mongolia's major manufacturing industries, such as leather, meat, dairy, cashmere and wool products.

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Recently, environmental regulations around the world have been strengthened focusing on advanced countries. In this respect, there is a growing proportion of the role of government to respond properly in the environmental regulations. This study aims at analyzing countermeasures of environmental regulations of Korea government and presenting the implications. This research results show that the environmental support system of Korean government has the following problems: 1) Inadequacy in the law system related to environmental regulation, 2) Absence of validity evaluation systems of support policy for international environmental regulations, 3) Expansion of the gap in the ability to cope with environmental regulation by company size. For the countermeasures for these issues, we presented the following solutions: 1) Step-by-step, gradual reinforcement in environmental standards to fit the international regulations, 2) Arrangement of monitoring system regarding environmental regulation, 3) Support in acquiring ISO certification, 4) Establishment of joint reaction system regarding environmental regulations.

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This paper discusses the impact of the TPP, which was finally agreed upon on October 5, 2015, to the East Asian Economic Community 2020 building process. The results are that, as a higher standard trade agreement, the TPP will contribute to the economic growth and domestic reform agenda of East Asian countries through freer trade and investment. However, it will disunite ASEAN countries, reduce China's influence and prevent exclusive regional cooperation in East Asia, and result in a 'stumbling block' currently for the EAEC 2020 building process. Therefore, in order to re-rebalance both the economic and political powers in and across the East Asia, the CJKFTA and RCEP negotiation should be concluded as soon as possible, and the ASEAN centrality should be further substantiated. Furthermore, an EAEC 2020 blueprint is needed to strengthen the consensus of building an East Asia Community. It will be helpful to promote all-round functional cooperation to share more common interests and benefits in the region.

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