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Belarus, Russia's Bashkortostan to use commodity exchange to revive trade

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MINSK, 27 July (BelTA) – Representatives of the Belarusian Universal Commodity Exchange (BUCE) met with a business delegation of Russia's Republic of Bashkortostan to discuss prospects for using BUCE to invigorate the trade and economic cooperation between Belarus and Bashkortostan, BelTA learned from BUCE’s press service.

Taking part in the meeting were top managers of 12 enterprises of Bashkortostan that make and sell compressor equipment, air cleaning systems, food products, biofertilizers, reagents for the petroleum industry, and water-recycling systems.

“Belarus is traditionally one of Bashkortostan’s key trading partners. As far as I know, our trade totaled over $285 million last year. Bashkortostan’s major exports included products of the chemical industry, mineral products, rolled ferrous metal products. Belarus mainly supplied machinery and textile. All the largest manufacturers and consumers of these goods in Belarus work on BUCE. Even if the necessary product is not on offer, you just have to place a purchase bid, and we will attract a pool of potential suppliers in short order. BUCE ensures a highly competitive environment both for sellers and buyers,” Deputy Chairman of BUCE’s Board Aleksei Matsevilo noted.

This year, BUCE has focused on cooperation with Russian regions, which has contributed to the growth of trade growth and the number of Russian companies working on BUCE. “Russia has always been in the lead in terms of the number of accredited companies. At present, their number stands at over 2,600 out of 5,300 foreign companies. However, for a long time, there was a lot of untapped potential in mutual trade. In 2021, we adjusted the algorithm of work. Thanks to active cooperation with enterprises from Moscow Oblast, Leningrad Oblast, Smolensk Oblast, Chelyabinsk Oblast, Nizhny Novgorod Oblast, and other Russian regions, the performance has improved. For example, our export soared 3.7 times year-on-year to $30.4 million. As business activities in our countries are reviving, using BUCE will help cope with the aftermath of the pandemic and achieve stable growth faster,” Aleksei Matsevilo stressed.

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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