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.

Under the deal, South Korea will reduce tariffs by an average 33.4 percent on 2,797 items, while Mongolia will cut tariffs by an average 24.2 percent on 366 items, the ministry said in a statement.

Mongolia's accession to the APTA is expected to help the two nations expand trade ties, the ministry said.

Currently, Mongolia only has a bilateral free trade deal with Japan.

South Korea is part of the APTA, which also includes China, Laos, Bangladesh, Sri Lanka and India.

The APTA was established in 1975 and China joined the agreement in 2011. (Yonhap)