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21 March 2024, 14:09

Belarus’ commodity exchange seeks to ramp up trade with Turkmenistan

MINSK, 21 March (BelTA) – In 2024 the Belarusian Universal Commodity Exchange (BUCE) plans to significantly increase trade with Turkmenistan on the back of a stronger export to this country, the BUCE press service told BelTA.

In particular, the focus will be made on the most in-demand products on the Turkmenistan market, such as lumber, dairy products and sugar.

At present, 14 companies from Turkmenistan are accredited with BUCE. They use the exchange platform primarily to purchase softwood lumber. A BUCE delegation has visited Ashgabat to find new buyers for these products and to explore other business opportunities.

The visit was organized by the Minsk branch of the Belarusian Chamber of Commerce and Industry and the Embassy of Belarus in Turkmenistan. The delegation held a number of meetings with potential importers of Belarusian timber products and food industry enterprises interested in purchasing Belarusian skim milk powder and granulated white sugar through BUCE.

The BUCE delegation visited the State Commodity and Raw Materials Exchange of Turkmenistan that trades in petrochemicals, engineering products, agricultural products, light industry products and building materials. The negotiations with the State Commodity and Raw Materials Exchange of Turkmenistan resulted in an agreement to share best practices, technologies and guidelines in the field of electronic exchange trading. They also considered the possibility of mutual accreditation of stock brokers of BUCE and the State Commodity and Raw Materials Exchange of Turkmenistan. This format of inter-exchange interaction was successfully tested at the Uzbek Commodity Exchange and proved effective.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
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