Foreign Ministry spokesperson Raveesh Kumar informed about the commencement of the meeting via his official Twitter handle.
"Reviewed all aspects of bilateral relations, especially in trade & investment, energy, mining, animal husbandry, education & capacity building & tourism," Kumar tweeted.
Earlier in the day Swaraj visited the Gandan Tegchenling Buddhist Monastery where she was felicitated by the monks.
This is Swaraj's maiden visit to Mongolia after she joined the office as the External Affairs Minister in 2014.
She arrived Mongolia on Tuesday after wrapping her one-day China's visit where she attended the Shanghai Cooperation Organisation Foreign Ministers' meeting in Beijing.