MINSK, 27 April (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) will step up cooperation with Kaliningrad Oblast of Russia, BelTA learned from BUCE's press service.
Ways to increase exchange trade between Belarus and Kaliningrad Oblast were high on the agenda during the visit of BUCE's delegation to Kaliningrad Oblast. The parties pointed out that the most promising cooperation avenue is participation of Russian companies in transit transactions between two non-resident companies of Belarus.
BUCE's representatives met with the largest manufacturers of forest products in Kaliningrad Oblast. “Russian economic entities expressed interest in using BUCE to sell sawn timber, wood chips, furniture boards, and laminated veneer lumber to third countries. BUCE's delegation also met with top managers of the region's leading agricultural enterprises that are also keen to use this mechanism. Plans are in place to launch supplies of a wide range of agricultural products both to the Belarusian market and to third countries,” the press service said.
BUCE's representatives also held talks with the Chamber of Commerce and Industry of Kaliningrad, the Export Promotion Center of Kaliningrad Oblast, and the head of the office of the Belarusian Embassy in Russia. The parties agreed to exchange information and hold joint regular events to attract to BUCE companies from this Russian region.
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.
As of 1 April 2021, 2,553 Russian companies, including 65 companies from Kaliningrad Oblast, were accredited at BUCE. Exchange transactions made by Russian companies in Q1 2021 amounted to $38.4 million.
