Government Bodies
Flag Monday, 15 July 2024
All news
All news
31 January 2024, 14:53

Belarus, Russia discuss formation of exchange market in Union State

MINSK, 31 January (BelTA) – Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Aleksandr Osmolovsky held a meeting with President of the St. Petersburg International Mercantile Exchange (SPIMEX) Igor Artemyev. During the meeting, the parties discussed the priorities of bilateral inter-exchange cooperation, holding integrated trading sessions on key commodities, forming unified price indicators and creating a common exchange market of goods in the Union State of Belarus and Russia, BelTA has learned from BUCE press service.
The meeting was held as part of the session of the CIS Committee on Commodity Markets of the International Association of Exchanges. According to the parties, the formation of a common commodity exchange market is essential for the economic integration of the two countries. It will not only contribute to mutual trade growth and business ties but also ensure free access to strategic resources and equal business conditions for Belarusian and Russian companies. 
“A significant practical step to this end will be an intergovernmental agreement on mutual access to exchange trading for economic entities accredited at commodity exchanges of Belarus and Russia. The agreement is expected to be signed in 2024. It shall be implemented by BUCE and SPIMEX,” BUCE noted. 
As a result of the joint project, the work of Belarusian and Russian companies on the exchange platforms of the two countries will be significantly simplified. The exchange trading in the Union State will gain momentum thanks to an increase in the number of participants and, therefore, in the amounts of transactions. Moreover, because there is no need to be accredited separately on BUCE and SPIMEX, Belarusian and Russian businesses will have access to the full range of exchange instruments offered by both trading platforms.

Subscribe to us
Recent news from Belarus