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Belarusian commodity exchange seeks closer cooperation with Volgograd Oblast of Russia

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MINSK, 17 February (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) is looking forward to stepping up cooperation with the business community of Volgograd Oblast of Russia. Opportunities for the use of the exchange mechanism in trade were considered during an online conference organized by the Russian Trade Mission in Belarus and the Export Promotion Center of Volgograd Oblast, BelTA learned from the BUCE press service.

“The Russian business’s interest in the Belarusian exchange market has been growing, which indicates a gradual recovery of business activity affected by the coronavirus pandemic,” said Aleksandr Bashliy, head of foreign trade at BUCE. “From about the end of 2020 the number of exchange bidders from Russia has been steadily increasing. The volume of transactions they make has been growing too. Even the dynamics of January, which is considered a slow month, was great. It is important that both Belarusian exports to Russia and purchases of Russian products by Belarusian enterprises have been going up. In addition, transit deals between companies from Russia and third countries have recently increased. The exchange is used as a tool for insurance of foreign trade risks," he said.

Aleksandr Bashliy also said that the strengthening of cooperation with the Russian regions is one of the priorities of BUCE this year and expressed readiness to work individually with each company from Volgograd Oblast which seeks to enter the stock exchange.

“We are already working closely with Russia's frontier regions. First of all it is Smolensk Oblast, Bryansk Oblast and Pskov Oblast. Local companies regularly bid in all commodity sections: metal products, forestry, agricultural products, industrial and consumer goods. For our part, we help them to find reliable partners in Belarus and the European Union. I can the statistics to show that the exchange mechanism is growing popular. Fro example, eight Russian companies got accredited at BUCE in the past week alone. We hope to see at least similar figures for Volgograd Oblast," said Aleksandr Bashliy.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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