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Belarus, Russia Chelyabinsk Oblast to boost trade via exchange
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MINSK, 11 October (BelTA) - Chelyabinsk played host to the 15th meeting of the working group on cooperation between Belarus and Chelyabinsk Oblast. It was held under the chairmanship of Belarusian Minister of Antimonopoly Regulation and Trade Aleksei Bogdanov and Chelyabinsk Oblast Vice Governor Ivan Kutsevliak, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).
This year, Chelyabinsk enterprises actively participated in exchange trade at BUCE, supplying ferrous metallurgy products to Belarus: flux-cored wire, electric-welded pipes and ferroalloys. The parties are set to expand the circle of trading participants from Chelyabinsk Oblast and involve new highly liquid commodity positions in the exchange turnover, while increasing the volume of transactions.
According to Aleksandr Osmolovsky, Chairman of the Board of BUCE, Chelyabinsk companies increased the amount of transactions in January-September 2023, which attests to their interest in the Belarusian market and their readiness to use the exchange trade mechanism. However, the potential of the BUCE trading platform has not yet been utilized fully.
The amount of transactions by bidders from Chelyabinsk Oblast increased 14 times over January-September last year, and the number of accredited companies reached 72. "This is a good result. However, when analyzing the structure of exchange trade, we see that it is not balanced. It is mainly shipments of metal products to Belarus. Accordingly, it makes sense to focus efforts on promoting Belarusian exports to Chelyabinsk Oblast. Promising commodity items are road construction equipment, tires, household chemicals, and light industry products. Manufacturers of all these goods are represented on the exchange platform and are ready to cooperate with Chelyabinsk Oblast. If necessary, BUCE will accompany every transaction - from submitting an application to signing an electronic purchase and sale agreement," Aleksandr Osmolovsky emphasized.
It is assumed that the Chelyabinsk regional Chamber of Commerce and Industry and the Export Support Center will assist in raising awareness of local business about the capabilities of the Belarusian exchange platform. These organizations work closely with small and medium-sized businesses and in the future could receive the status of BUCE brokers. This will make it possible to concentrate supply and demand from Chelyabinsk companies and ensure a steady increase in the amount and volume of exchange transactions.
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.
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