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Commodity exchanges of Belarus, Ghana outline promising areas of cooperation
Photo by BUCE
MINSK, 12 November (BelTA) - Representatives of the Belarusian Universal Commodity Exchange (BUCE) and the Ghana Commodity Exchange (GCX) held online negotiations to outline the promising areas of interaction between the two electronic platforms in terms of mutual exchange trade and technology transfer, BelTA learned from the press service of BUCE.
Taking into account the range of goods that are currently traded on the BUCE and GCX platforms, the parties intend to focus on agricultural products. According to the experts of the Belarusian and Ghanaian exchanges, this commodity group provides a wide range of opportunities of cooperation both in terms of export and import, which fully meets the interests of the two countries.
GCX expressed its readiness to assist in attracting producers of such popular items in Belarus as soybeans, corn and rice to BUCE's auctions. Belarus is planning to supply meat products, flour and wheat gluten to Ghana.
According to Tucci Ivowi, the Chief Executive Officer of the Ghana Commodity Exchange, the country’s major agricultural enterprises use the services of GCX, which will greatly simplify the search for business partners for Belarusian trading participants. "I want to emphasize that as a state organization, we work primarily in the interests of our companies, which need new markets and reliable sources of imports. Therefore, we are open to dialogue and are ready to consider any proposals of the Belarusian side on joint projects in the exchange sector," Tucci Ivowi said.
In turn, Aleksandr Bashliy, Head of Foreign Economic Relations at BUCE, suggested accrediting several Ghanaian companies on the Belarusian commodity exchange. “Every Ghanaian company will be supported at all stages of work at the exchange, from accreditation and application for purchase or sale to the conclusion of a transaction and monitoring of its execution. The African market is of strategic importance to Belarus. Accordingly, for the sake of achieving practical results, we are willing to invest time, efforts and funds in the development of our cooperation," Aleksandr Bashliy said.
The Belarusian and Ghanaian exchanges agreed to facilitate mutual supplies of goods, exchange price data, methodological resources and technological developments, and cooperate within the framework of supranational exchange associations, such as the International Association of Exchanges (IAE) and the AfCFTA Association of Commodities Exchanges (A-ACX).
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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