On June 24, 2016, during the Shanghai Cooperation Organization (SCO) Summit in Tashkent, the presidents of China, Mongolia and Russia agreed on the China-Mongolia- Russia Economic Corridor (CMREC), which is an important project of Beijing’s Belt and Road Initiative (BRI). The project aims at realizing joint projects in areas such as trade, competitiveness of goods and services, cross-border transportation security, and infrastructure development.