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27 June 2022, 11:05

Belarus' BUCE, China's AEEX to cooperate in e-trading

MINSK, 27 June (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Xinjiang Asia-Europe International Trade Center (AEEX), the operator of the electronic trading platform Asia Europe Exchange, are set to combine their efforts and jointly promote trade between Belarus and China. An agreement to this effect was reached following an online meeting between BUCE representatives and Chairman of the Board of Directors of AEEX Zhang Hongping, BelTA learned from the BUCE press service.

Cooperation in promotion of Belarusian goods to the Chinese market, informing Chinese companies about the opportunities to find business partners in Belarus through the BUCE platform, exchange of analytical and statistical data reflecting the current situation on the commodity markets of both countries were defined as priority areas of cooperation. As for the commodity items promising for mutual trade, according to the parties, the top Belarusian product is timber, which is in steadily high demand in China, especially in its construction sector. The goods purchased at BUCE can be delivered by rail along the New Silk Road. To diversify export supplies of Belarusian timber products plans are in place to use the network of business contacts of the AEEX in the countries of the Asia-Pacific region.

Special attention during the talks between BUCE and AEEX was paid to the prospects of participation of suppliers from China in the bidding on the import substitution exchange platform. In particular, it is expected that the entry of Chinese manufacturers of spare parts and technological equipment will increase the concentration of supply of these products and expand their range, which will have a positive impact on the price level for Belarusian consumers.

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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