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23 January 2024, 16:36

Belarus-Uzbekistan exchange trade up 17 times in 2023

MINSK, 23 January (BelTA) – The volume of transactions made by companies from Uzbekistan at the Belarusian Universal Commodity Exchange (BUCE) increased 17 times in 2023, whereas the number of accredited enterprises from this country more than doubled, Head of Foreign Economic Relations at BUCE Aleksandr Bashliy said as he met with representatives of the Uzbek business community. The meeting was arranged by the Chamber of Commerce and Industry of Belarus and the Chamber of Commerce and Industry of Uzbekistan, the BUCE press service told BelTA.

When presenting the BUCE potential, Aleksandr Bashliy pointed to a growing interest of Uzbek enterprises in exchange trade, which was one of the main drivers of growth of such key indicators as the volume and number of transactions.

"While only six Uzbek enterprises participated in exchange trading sessions in 2022, their number rose to 29 in 2023. The assortment of mutual trade expanded as well. Belarusian sugar is now exported to Uzbekistan in addition to lumber, while Belarus imports Uzbek cotton yarn that is much-needed by the Belarusian light industry. Such active cooperation has a positive impact on the exchange trade, which soared from just over $1 million in 2022 to almost $18 million in 2023," said Aleksandr Bashliy.

According to him, brokers play an important role in bringing Uzbek enterprises to the BUCE trading platform. They do not only have experience in exchange trading, but also know all the aspects of doing business in both countries.

"Right now we are working with seven brokers from Uzbekistan. They represent the BUCE, and their main goal is to inform Uzbek trading and manufacturing enterprises about the advantages of the exchange trade mechanism and encourage them to trade on our platform. Interaction with non-resident brokers will allow us to expand the trade and increase the number of foreigner participants much faster," Aleksandr Bashliy concluded.

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