MINSK, 23 July (BelTA) - Belarus and Russia’s Amur Oblast will work to develop exchange trade in agricultural products, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).
Following the visit of business representatives from Amur Oblast to the BUCE, the parties outlined priority areas for the development of exchange trade between Belarus and the Russian region. According to the parties, taking into account the characteristics of the economies of Belarus and Amur Oblast, the products of the agro-industrial complex offer the widest opportunities for increasing mutual trade. In particular, it is expedient to export meat and dairy products, amino acids, spare parts and components for agricultural machinery from Belarus. Amur Oblast is ready to offer oilseed meal, vegetable oils, grain and its processing products for exchange trading.
The first practical step within the agreements reached with be the organization of soybean meal supplies to the Belarusian market. It is expected that the increased supply of this in-demand commodity will contribute to the formation of a favorable price environment for domestic consumers, and will strengthen trade ties between Belarus and Amur Oblast.
“Oil-fat products and oilseed meal are regularly among the most popular goods of the agricultural group, sold on the exchange platform. In H1 2024, the purchases of meal through the exchange amounted to 258,000 tonnes, up 11% from the previous year. Traditionally, the highest demand was observed for soybean meal, which accounted for almost 30% of exchange sales in this commodity area,” Head of Foreign Economic Relations at BUCE Aleksandr Bashliy said as he met with the delegation of Amur businessmen.
In addition to cooperation on mutual deliveries of agricultural products, the parties discussed the prospects of selling Amur timber to China through BUCE using transit transactions. Aleksandr Bashliy confirmed the BUCE’s readiness to assist in attracting Chinese buyers accredited on BUCE for sale bids placed by woodworking enterprises of Russia’s Amur Oblast.
The Amur Region Investment Attraction Agency intends to join the work on informing Amur businesses about the possibilities of using BUCE instruments. This was announced by director of the organization Olga Temchenko who was present at the talks. She emphasized the high interest in establishing partnership relations with BUCE.
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.
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