Business news

First deal between two foreign companies sealed at BUCE

MINSK, 6 March (BelTA) – For the first time ever, two non-resident companies have reached a deal at the electronic marketplace of industrial and consumer goods at the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from BUCE spokesman Roman Yaniv.

“Such agreements are called transit deals as neither the seller nor the buyer does not operate in Belarus. In this case, a Russian company decided to execute the order placed by an Estonian company,” Roman Yaniv clarified.

The bargain item was a special thermometer for oil wells worth RUB990,000 ($17,500). “The BUCE was used for settlement on a 'delivery versus payment' basis. Thus, the companies hedged against the breach of contract by the counterpart. The possibility of sealing transit deals was initially envisaged by the e-marketplace rules. Foreign traders, however, have not showed interest in this mechanism until now,” the spokesman remarked.

The marketplace of industrial and consumer goods is an e-marketplace for the B2B segment – legal entities and individuals. Any exchange-traded can become the bargain item. The BUCE’s tools helps both purchase commodities on the domestic market and sell them abroad.

“The Russian-Estonian deal has demonstrated the demand for the marketplace of industrial and consumer goods as a foreign trade instrument,” Roman Yaniv added.

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