SEJONG -- South Korea and Mongolia will lower tariffs on some products starting next year, as Ulaanbaatar joined a regional trade pact known as the Asia-Pacific Trade Agreement (APTA), Seoul's finance ministry said Friday.

MINISTERS FROM countries party to the Asia-Pacific Trade Agreement (APTA) met during the Fourth APTA Ministerial Council to conclude negotiations that will more than double the number of products under preferential tariff treatment in order to expand trade and boost growth in the region.