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22 Jan 2021

Belarus, Kazakhstan seek closer cooperation in exchange trade

Belarus, Kazakhstan seek closer cooperation in exchange trade

MINSK, 22 January (BelTA) – An agreement to step up cooperation in electronic exchange trading has been reached following the online talks between the leadership of the Belarusian Universal Commodity Exchange (BUCE) and the Astana Universal Commodity Exchange, BelTA learned from the BUCE press service.

There are plans to work out the possibility of prompt exchange of information on purchase and sale orders placed in the trading systems of the Belarusian Universal Commodity Exchange and the Astana Universal Commodity Exchange. This will make it possible to form a unified database with commercial offers of Belarusian and Kazakh companies and will contribute to the growth of mutual trade.

“The information exchange is only the first step. By joining our efforts we will not only provide Belarusian and Kazakh companies with an additional sales channel for their products but also remove a number of barriers that hinder more dynamic development of trade and economic relations between our countries. They include the inspection of counterparties' reliability, guarantees of performance of exchange transactions and the possibility to raise trade financing. We are ready to cooperate in any of these areas,” said Ramiz Allakhverdiyev, Chairman of the Board of Directors of the Stana Universal Commodity Exchange.

In turn, Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky expressed interest in strengthening partnerships with the Astana Universal Commodity Exchange, especially since both parties have something to offer each other. “Further growth of commodity turnover with China is one of our priority tasks for the current year, and you, as far as I know, have great experience in this market. We would appreciate your help in attracting companies from China to the Belarusian exchange platform. For our part we could help Kazakh exporters to enter the market of the European Union. Last year clearly demonstrated the demand for the mechanism of transit deals, and I am sure that Kazakhstan's business will also be interested in it,” he said.

The parties agreed to work out a specific cooperation plan for the current year, as well as to share experience in the exchange trade of the most promising commodity positions, including energy, oil products and quotas on greenhouse gas emissions.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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