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30 June 2021, 17:29

Belarus' commodity exchange to cooperate with Russia's Kaliningrad chamber of commerce

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MINSK, 30 June (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the Chamber of Commerce and Industry (CCI) of Russia's Kaliningrad will cooperate in promoting exchange trade, primarily in agricultural products. The parties agreed to join efforts to popularize the exchange trade mechanism among companies of Kaliningrad Oblast and attract them to BUCE during a visit of BUCE's delegation to Kaliningrad, BelTA learned from BUCE's press service.

The first event held within the framework of cooperation between BUCE and the CCI of Kaliningrad was a seminar for small and medium-sized enterprises of Kaliningrad Oblast that are keen to tap into new markets. During the event, BUCE spoke about its capacities as an interregional e-commerce platform that handles import, export, and transit transactions.

“At present, trade in agricultural products is the most promising area of cooperation with Kaliningrad Oblast. For example, fat and oil products traditionally account for a significant share in the region's export, and the largest oil crop processing enterprise in the region regularly tops the ranking of meal sellers via exchange trading. BUCE can help companies of Kaliningrad Oblast get access not only to the Belarusian market, but also to markets of third countries. Foreign companies accredited at BUCE, including companies from Russia, actively use the mechanism of transit transactions,” head of BUCE's foreign economic activities department German Puzyrny stressed as he addressed the participants of the seminar.

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.

The Chamber of Commerce and Industry of Kaliningrad is the largest business association in Russia's Kaliningrad Oblast. It comprises more than 590 organizations and entrepreneurs operating in the region. The CCI facilitates the development of the region's economy, its diversification and integration in the world economic system as well as the creation of a favorable business environment and conditions for the development of all types of business activity.

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