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MINSK, 25 February (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Embassy of Kazakhstan in Belarus plan to establish regular interaction in order to attract representatives of Kazakhstan's business to the Belarusian exchange platform. The relevant agreement was reached following a meeting between Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Belarus Timur Zhaksylykov and Chairman of the BUCE Board Aleksandr Osmolovsky, the BUCE press service told BelTA.
According to the statistics on exchange trade between Belarus and Kazakhstan, imports of Kazakhstan’s products accounted for less than 1% of the total volume of exchange trade between the two countries in 2024. In this regard, the parties intend to work out in detail the list of export-oriented goods produced in Kazakhstan in order to identify the most promising items that could be supplied to Belarus through exchange trading.
“We would like to see more Kazakhstan's goods on the Belarusian market. I am confident that the exchange platform will make a significant contribution to the realization of our country's export potential. Grain, flour, ferrous and non-ferrous metal products, coal will be in demand among Belarusian consumers. The exchange will help eliminate unnecessary intermediaries and strengthen trade and cooperation ties between enterprises of Kazakhstan and Belarus,” Ambassador Timur Zhaksylykov stated.
In turn, Aleksandr Osmolovsky pointed out that the exchange platform plays an important role in setting fair market prices. This is what Kazakhstan’s companies planning to engage in export-import business in Belarus can take into account.
“The exchange is primarily an economic instrument that allows determining the real market price for strategically important goods for the country. This is why the state supports exchange trade. The exchange quotations we publish serve as a price indicator for both Belarusian producers selling their products abroad and foreign importers operating in Belarus,” Aleksandr Osmolovsky said.
During the negotiations, the parties also stressed the need to intensify efforts to inform small and medium-sized businesses in Kazakhstan about the opportunities for trading on BUCE. The first practical step in this area of joint work will be the Embassy's assistance in increasing the number of participants in the Belarus-Kazakhstan exchange seminar due to be held in Astana on 4 March.
Moreover, with the support of the Kazakhstan diplomatic mission in Belarus, it is expected to establish a partnership with Kazakhstan's National Chamber of Entrepreneurs Atameken. This will provide BUCE with direct access to Kazakhstan’s business community and, among other things, will help hold regular online events to discuss commodity exchange with the participation of businessmen from different regions of the country.
As of 24 February 2025, BUCE accredited 154 residents of Kazakhstan. In 2024, the amount of exchange transactions concluded by Kazakhstan’s exchange traders totalled $29 million, which was four times more than in 2023.
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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