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Belarus, China’s Xinjiang to establish trade via BUCE
MINSK, 18 November (BelTA) - Import and export of agricultural products and industrial goods have been identified as the most promising areas of cooperation in the exchange sector between Belarus and the Xinjiang Uygur Autonomous Region of China, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).
The agreement on the organization of mutual exchange trade in these commodity groups was reached following the meeting of the BUCE representatives with a delegation of business circles of the Xinjiang Uygur Autonomous Region. The focus will be placed on attracting to the Belarusian exchange platform enterprises of the Xinjiang Production and Construction Corps, which not only plays an important role in the economy of the Xinjiang Uygur Autonomous Region, but also makes a significant contribution to the development of China’s foreign trade potential in general. Negotiations were held with a number of large companies of the Xinjiang Production and Construction Corps interested in purchasing Belarusian meat and dairy products and rapeseed oil through BUCE.
As for imports, Belarus looks for the possibility to sell industrial chemicals, workwear and electronics produced in the Xinjiang Uygur Autonomous Region on the domestic market. The exchange platform of industrial and consumer goods will be used for this purpose. It has been regularly used by Chinese manufacturers of spare parts and components for industrial equipment since 2024.
“In 2024 China ranked sixth by the number of companies accredited at the exchange and second by the volume of exchange trade with Belarusian bidders,” the BUCE press service said. “BUCE will continue active cooperation with Chinese regions. A similar approach is successfully applied in cooperation with Russia, which is currently represented at the exchange by more than 4,000 companies from 53 regions, while the amount of transactions amounted to almost $839 million over the past 10 months.”
According to BUCE, as of 1 November 2024 a total of 234 Chinese residents, including three brokers, were accredited at the exchange. In January-October 2024, the amount of exchange transactions of Chinese participants doubled to $120 million.
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