Business news

MINSK, 23 November (BelTA) – An UZEX e-trading platform will be officially launched at the Belarusian Universal Commodity Exchange (BUCE) on 11 December. A corresponding agreement was reached with President of the Board of the Uzbek Commodity Exchange (UZEX) Farohiddin Ibragimov, spokesman for BUCE Roman Yaniv told BelTA.

The launch of the UZEX trading platform is one of the key points of the plan of action to develop cooperation between BUCE and UZEX approved in September 2018. The platform will be a point of access to the UZEX spot trading for Belarusian companies interested in supplying industrial and food products to Uzbekistan. In turn, Uzbek economic entities will be able to use the exchange mechanism to promote its products to the Belarusian market. A possibility of selling cotton fiber, cotton millpuffs, and dried fruits via the exchange is under consideration.

Belarus’ Latemgroup has been registered as a broker at the Uzbek Commodity Exchange. The company has participated in exchange tenders before. Once the trading platform is launched, the company will make transactions at UZEX in the interests of Belarusian companies. Work is underway to accredit a company from Uzbekistan as a broker at BUCE. It will help Belarusian business advance to the market of Uzbekistan.

“The launch of the e-trading platform of a foreign exchange is an unprecedented event for Belarus, which became possible thanks to the joint efforts of BUCE and UZEX. The project is aimed at providing economic entities of the two countries with easier access to tenders. This will contribute to bilateral trade and Belarus-Uzbekistan economic relations. The matter also pertains to the implementation of the agreements reached by the presidents of Belarus and Uzbekistan at the meeting in Dushanbe in September 2018,” said Roman Yaniv.