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BUCE suggests expanding exchange mechanism in Belarus-Ukraine trade

MINSK, 11 November (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) offers to expand the use of exchange mechanism in trade between Belarus and Ukraine, Aleksei Dykusha, Acting Head of the Foreign Trade Department at the BUCE, said at a meeting of the Belarusian-Ukrainian advisory council on business cooperation, BelTA learned from the press service of the BUCE.

“Wider application of the exchange mechanism in mutual trade between Belarus and Ukraine will let, on the one hand, to increase trade between our countries, and, on the other hand, to reduce commercial risks in foreign trade activities. Thanks to the simplified registration procedure, it is possible to accredit, obtain an electronic signature and start trading within one day, and Ukrainian companies actively use this opportunity. There are 275 Ukrainian residents accredited on the exchange platform, and this figure is constantly increasing,” said Aleksei Dykusha.

The BUCE representative shared the experience in organizing the export of Belarusian construction materials and agricultural products to Ukraine, as well as presented promising projects aimed at strengthening bilateral trade and economic cooperation. In particular, he spoke about the supply of fittings produced by the Belarusian Steel Works to the Ukrainian market and the sale of Ukrainian goods through BUCE to third countries.

“The demand of European buyers for some goods exceeds the production capacity of Belarusian enterprises. We offer Ukrainian companies to use the exchange platform as an additional channel for selling their products to the EU countries. Such cooperation can be started with beet cake and molasses. Trading in these products began only a month and a half ago. However, we see a huge potential of this area,” said Aleksei Dykusha.

The Belarusian Universal Commodity Exchange was set up in 2004. It conducted its first auctions in June 2005. The BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products 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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