After 70 years as a centrally planned economy, Mongolia has undergone a difficult transition towards a free market system. Animal husbandry is the backbone of Mongolia’s economy, employing 160,000 persons (24% total employment), providing 20% of the world’s fine cashmere production. Mongolia’s livestock reached 33 million (sheep, goats, cattle, horses, camels). Agriculture accounts for more than third of GDP. Agricultural products include wheat, barley, oats, forage crops, potatoes and other vegetables. Major industrial production in Mongolia included molybdenum concentrates, cashmere, carpet, knit apparel, sawn wood, scoured wool, concrete blocks, furniture, and etc… Mongolia joined the World Trade Organization (WTO) in 1997. The main imports including food products, machinery equipment, fuels, industrial and consumer goods. The main exports copper, livestock, animal products, wool, cashmere, fluorspar, and other nonferrous metals. The main import and export partners are Russia, China, Switzerland, Japan, U.S., Italy, South Korea, Germany, and Singapore.
As a result of the democratic movement that led to 1990 Democratic Revolution in Mongolia, in May 1990 the constitution was amended, deleting reference to the MPRP's role as the guiding force in the country, legalizing opposition parties, creating a standing legislative body, and establishing the office of president.
Mongolia's first multi-party elections for a People's Great Hural (parliament) were held on 29 July 1990. The MPRP won 85% of the seats. The People's Great Hural first met on 3 September and elected a president (MPRP), vice-president (SDP, Social Democratic Party), prime minister (MPRP), and 50 members to the Baga Hural (small parliament). The vice president was also a chairman of the Baga Hural. In November 1991, the People's Great Hural began discussion on a new constitution and adopted it on 13 January 1992. The Constitution entered into force on 12 February 1992. In addition to establishing Mongolia as an independent, sovereign republic and guaranteeing a number of rights and freedoms, the new constitution restructured the legislative branch of government, creating a unicameral legislature, the State Great Khural (SGKh) (parliament).
The 1992 constitution provided that the president would be directly elected by popular vote rather than by the legislature as before. In June 1993, incumbent Punsalmaagiin Ochirbat won the first direct presidential election, running as the candidate of the democratic opposition.
Mongolia's Parliament in session.
As the supreme legislative organ, the SGKh is empowered to enact and amend laws, regarding domestic and foreign policy, to ratify international agreements, and declare a state of emergency. The SGKh meets semi-annually. There are 76 members of the parliament. They were popularly elected by district in 1992-2012. By 2012 legislative election law, since 2012 parliamentary election, a parallel voting system began to be used in legislature in Mongolia. 48 of the parliamentary members are popularly elected by district and 28 of them are elected from nationwide lists using proportional representation. SGKh members elect a speaker and vice speakers from each party or coalition in the government and they serve 4-year term.
In 2016, The great conference Asia and Europian conference meeting is hold in Ulaanbaatar in Mongolia succesfully.