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Belarusian commodity exchange, China timber trade association sign memorandum of cooperation
Photo courtesy of BUCE
MINSK, 27 November (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the China Timber and Wood Products Distribution Association (CTWPDA) have signed a memorandum of cooperation in electronic exchange trading, BelTA learned from BUCE spokesman Roman Yaniv.
The signing ceremony took place within the framework of the 13th China International Timber Trade Conference, which was held in Nanning, the administrative center of the Guangxi Zhuang Autonomous Region of China. On behalf of Belarus, the document was signed by the head of the BUCE representative office in Shanghai Aleksei Dykusha, and on behalf of China - by President of the CTWPDA Li Jiafeng.
According to the memorandum, BUCE and CTWPDA will exchange analytical data and marketing information, organize joint training and promotional events for the Chinese business community and assist Chinese enterprises in entering the market of the Republic of Belarus. It is assumed that by joint efforts BUCE and CTWPDA will raise the awareness of Chinese business about the capabilities of the Belarusian exchange platform, which will contribute to an increase in the number of importing companies working at BUCE.
"To date, China is the largest buyer of sawn timber at exchange trading. In less than 11 months, more than 467,000 cubic meters of Belarusian timber products were sold to the Chinese market. This is almost five times more than in January-November of last year. Working with domestic suppliers, Chinese importers are increasingly using the mechanism of exchange targeted transactions, the volume of which has already reached 237,000 cubic meters in just a few months. Thus, along with the increase in demand for products of the Belarusian timber industry, the demand for exchange instruments in trade with China is growing too. In this regard, partnership relations with the China Association for Trade in Timber and Forest Products will not only help to find new buyers for sawn timber produced in Belarus, but will also provide an additional incentive for the development of Belarusian-Chinese cooperation in the exchange sector," the BUCE press service said.
As of 27 November 2023, some 152 residents of the People's Republic of China were accredited at BUCE, two of which have the status of stock brokers. In January-October, the amount of transactions concluded by Chinese exchange participants increased 2.3 times year-on-year and amounted to $58.8 million.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
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