Last week, China’s National Development and Reform Commission unveiled guidelines for the construction of the China-Mongolia-Russia economic corridor. These are the first multilateral cooperation guidelines under the Belt and Road Initiative.

China, Mongolia and Russia have always emphasized the commonalities and connections between their strategies. The guidelines state that these connections of the Silk Road economic belt, the Eurasian Economic Union and the Prairie Road program are the ultimate goal of the project.

"There is a clear need for a connection of the three countries’ strategies. Mongolia is striving to develop an export-oriented economy, but it lacks a development channel in the East and West; Russia wants to integrate into Eurasian economic development with the help of the Belt and Road Initiative; for China, development of the economic corridor is conducive to opening up the market to the north. Therefore, effective syncing of the three countries’ strategies is a good thing for all," said Lin Guijun, vice president of the University of International Business and Economics.

The tripartite collaboration also has a solid foundation in economics and trade. Data from the Development and Reform Commission shows that in 2015, trade volume between China and Mongolia reached $7.3 billion, and that trade volume between China and Russia amounted to $64.2 billion. China has become Mongolia’s largest trade partner and investor for the 10th consecutive year. China is also Russia's fifth largest export market and largest source of imports.

The guidelines propose seven concrete areas for cooperation, including the improvement of transport facilities through the expansion of land, air and sea connections; the renovation of ports of entry; and an overhaul of customs procedures for easier clearance.

Indeed, the three countries are complementary in a variety of areas. In infrastructure, for example, Mongolia’s Prairie Road program proposes the construction of highways, railways and oil pipelines, but the country lacks adequate technical and financial resources. Meanwhile, Russia faces a high demand for high-speed rails and other transportation facilities. China has accumulated abundant experience in these areas. Thus, cooperation in these fields not only promotes infrastructure development but also expand trade and investment between the nations.

The three countries have already begun cooperation across seven fields. At the China-Mongolia-Russia Cooperation Fair, held in China, agreements worth $6.4 billion were signed. The highway for New Ulaanbaatar International Airport, a project between China and Mongolia, and the Moscow-Kazan high-speed railway, jointly undertaken by China and Russia, have all injected vigor into the local economy.