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21 May 2024, 18:26

Belarus, Mongolia to boost exchange trade in agricultural goods 

MINSK, 21 May (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Mongolian Commodity Exchange (MCE) intend to develop exchange trade in agricultural products. This topic was discussed during an online meeting between representatives of BUCE and MCE, BelTA learned from the BUCE press service.

It is expected that by pooling resources, technologies and experience the two exchange platforms will give a new impetus to trade and economic cooperation between Belarus and Mongolia. Main focus will be attached to products of the agricultural industry, taking into account the significant share of this sector in the national economy of both countries. According to the parties, based on the nomenclature of goods currently presented on the Belarusian and Mongolian exchanges, the most promising items for Mongolia are sugar and dairy products and wool and cashmere for Belarus.

"The exchange of experience, analytical information and technological developments will make our exchange platforms more efficient and joint work to involve enterprises of the two countries in exchange trade will boost mutual trade," said Aleksandr Bashliy, Head of Foreign Economic Relations at BUCE.

Following the talks, the parties agreed on a visit of a MCE delegation to the BUCE central office in June this year to get acquainted in detail with the exchange trading and to develop a plan of joint actions within the framework of the designated areas of cooperation.

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.

To date, three residents of Mongolia have been accredited at BUCE, one of whom has the status of a broker. Since the beginning of 2024, the amount of exchange transactions made by Mongolian companies has amounted to almost $2.5 million, with more than 90% accounting for Belarusian sugar.
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