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Belarus’ commodity exchange to cooperate with Russia’s Young Industrialists Club
Photo courtesy of BUCE
MINSK, 27 September (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the interregional union Young Industrialists Club are looking to establish cooperation in electronic exchange trade in order to strengthen business contacts between Belarusian and Russian entrepreneurs and create favorable conditions for cross-border export-import activities. The corresponding agreement was reached following the meeting of the BUCE representatives with the management of this organization at the Trade Representation of the Russian Federation in Belarus, BelTA learned from the BUCE press service.
“The Young Industrialists Club unites more than 100 manufacturing enterprises from different regions of Russia, and many of them produce export-oriented products that could be in demand in Belarus. In this regard, the exchange is ready to become not only an “electronic showcase” for Russian goods, but also to provide the whole range of tools for working in the Belarusian market, including marketing, settlements and supervisory follow-up of transactions. With the assistance of the club, plans are in place to inform representatives of Russian business about the possibilities of the exchange mechanism and attract them to participate in exchange trading. The main attention will be paid to the platform of industrial and consumer goods as the most universal solution to sell and buy a wide range of products, applicable in many sectors of the economy,” the press service said.
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.
About 3,500 residents of the Russian Federation have been accredited on BUCE, nine of which have the status of stockbrokers. Compared to January-August 2022, the amount of transactions of Russian traders increased by 27%. Ferrous and non-ferrous metal products, coal, grain, meat and dairy products, and construction materials make up the largest share in the Belarusian-Russian exchange trade.
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