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11 Dec 2018

UZEX trading platform launched at Belarusian Universal Commodity Exchange

UZEX trading platform launched at Belarusian Universal Commodity Exchange

MINSK, 11 December (BelTA) - The UZEX trading platform was launched at the Belarusian Universal Commodity Exchange (BUCE), BelTA has learned. This is the first trading platform of a foreign exchange in Belarus.

The main goal of the project is to facilitate access for economic entities of both countries to trading at the Uzbek Commodity Exchange (UZEX) and the Belarusian Universal Commodity Exchange (BUCE). This will contribute to the growth of trade and to Belarus-Uzbek trade and economic relations.

It is expected that the joint project of the two exchanges will work both ways: export and import. For example, Uzbek companies will be able to use the exchange mechanism to promote their products in the Belarusian market. BUCE has an accredited broker in Uzbekistan - Global Trade Group. The company will post bids in the BUCE trading system on behalf of Uzbek commodity producers. A possibility of selling cotton fiber, cotton millpuffs, and dried fruits via the exchange is under consideration. Belarusian companies of the light and food industries have confirmed their interest in the new mechanism. A list of promising products for sale at the trading platform will be drawn up soon.

According to Uzbekistan’s laws, socially important food products are imported only through the UZEX open electronic trading system. In order to take part in tenders on the Uzbek exchange, Belarusian companies will have to contact Uzbekistan’s accredited broker in Belarus (Latemgroup) and place a bid. Apart from providing access to exchange tenders, Latemgroup will deal with of payments, logistics and quality control of goods.

This year, the parties plan to test the mechanism. The first tenders will be conducted in 2019.

“The market mechanism need to have its own structure, which is impossible to secure without an exchange (and other relevant elements). I think that the opening of this platform will enable us to make a better use of the opportunities of both the countries in order to promote trade and economic relations,” Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Belarus Nasirjan Yusupov stated at the opening ceremony.

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