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Commodity exchanges of Belarus, Egypt agree to cooperate

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MINSK, 16 November (BelTA) - Commodity exchanges of Belarus and Egypt have agreed to develop cooperation. The matter was discussed during the meeting of the Belarusian-Egyptian joint trade commission in Cairo, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).

The parties discussed the development of cooperation between BUCE and Egyptian Mercantile Exchange (EMX) to improve electronic trading technologies, exchange of analytical data, organize trade in new commodity positions and provide favorable conditions for effective trade interaction between economic entities of Belarus and Egypt.

The parties aim to focus their main efforts on activities that will contribute to the growth of bilateral trade and expand the use of the exchange mechanism in export-import activities. In this regard, BUCE and EMX intend to work out the possibility of mutual participation of Belarusian and Egyptian companies in exchange trading on both platforms. The move is expected not only to give impetus to the development of exchange trade between Belarus and Egypt, but also to enhance the efficiency of joint projects in other areas. In particular, Egyptian companies joining the BUCE industrial and consumer goods platform will promote industrial cooperation between the two countries, and also help addess import substitution issues.

BUCE expressed its readiness to provide EMX with methodological and, if necessary, technical assistance in introducing additional commodity positions in such areas as ferrous and non-ferrous metals, dairy products, vegetable oils, wood products. According to Egypt, the study of BUCE's experience in organizing exchange trading on the domestic and foreign markets will help EMX to reduce the timeframe for introducing new trading instruments and avoid possible pitfalls.

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.

The Egyptian Mercantile Exchange was founded by the Ministry of Supply and Internal Trade of Egypt in 2020. Regular trading began in 2023.

BUCE and EMX signed a memorandum of cooperation in August 2021.

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