Business news

MINSK, 1 December (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) intends to intensify cooperation with Azerbaijan in commodity trading, BUCE Spokesman Roman Yaniv told BelTA.

During the visit of Deputy Chairperson of the BUCE Board Irina Narkevich to Baku, a memorandum of understanding was signed with Azerbaijan’s Public Association of Councils of Commodity Exchanges.

The memorandum envisages bilateral cooperation in commodity and electronic trading: exchange of experience and information, joint marketing research, educational seminars, business conferences, and other measures and events.

As the first practical step, the sides plan to draft a list of goods which are in demand in Belarus and Azerbaijan and consider selling through commodity trading.

According to Irina Narkevich, the use of commodity trading in addition to traditional sales channels will give a massive boost to bilateral trade and will expand business contacts between Belarusian and Azerbaijani commercial entities. The Belarusian Embassy in Azerbaijan expressed readiness to make every effort to attract Azerbaijani companies to BUCE’s electronic marketplaces.

As part of the visit to Baku, Deputy Chairperson of the BUCE Board Irina Narkevhich also met with Azerbaijan’s Deputy Economy and Industry Minister Sahib Mammadov and Vice President of Azerbaijan’s Export and Investment Promotion Foundation Yusif Abdullayev to outline promising avenues of cooperation. During the negotiations, the sides reached an agreement to set up a working group to study Belarus’ current legal framework and consider the possibility of making relevant amendments to Azerbaijan’s commodity trading regulations.