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Belarusian Universal Commodity Exchange accredits new broker in Kazakhstan

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MINSK, 17 March (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) has accredited a new broker in Kazakhstan for the sake of enhancing trade capabilities of Belarusian companies and promoting their products to foreign markets, the Belarusian Universal Commodity Exchange press service told BelTA.

Now the Belarusian Universal Commodity Exchange’s broker network includes 16 organizations in 11 countries. The arrival of the Kazakh broker is expected to increase the number of trade participants from Kazakhstan in addition to boosting Belarus-Kazakhstan trade.

Belarus-Kazakhstan exchange trade was close to $30 million in 2021. Kazakhstan primarily bought meat and dairy products, leather goods, and sugar while top imports from Kazakhstan were coal and ferrous rolled metal products. There are plans to put more efforts into encouraging representatives of the Kazakh private sector to participate in exchange trade. Close attention will be paid to small and medium enterprises, which as a rule have no distribution chains of their own but would like to find business partners in Belarus. The possibility of concluding transit deals is under consideration. Transit deals will allow Kazakh companies to minimize risks relating to foreign trade.

According to Khamza Nursultan Talgatula, director of the new broker TOO First-KO, the key task is to simplify the work of Kazakh enterprises on the Belarusian market as much as possible. “Our company has considerable experience in the area of merchandise import and export. As an exchange broker we intend to focus on the goods where Belarus occupies leading positions in the Commonwealth of Independent States. Those are in particular dairy products, potatoes, tires, and spare parts for utility vehicles. I am confident that demand for these products in Kazakhstan is high, this is why we expect to see the first few customers soon,” he said.

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.

As many as 85 residents of Kazakhstan were accredited with the Belarusian Universal Commodity Exchange as of 1 March 2022. The Kazakh companies enjoy simpler procedures for accreditation and acquisition of digital signatures.

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