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05 April 2023, 13:05

Belarusian commodity exchange eyes North Ossetia's market

MINSK, 5 April (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) plans to establish exchange trade in metallurgy and agricultural products between enterprises of Belarus and North Ossetia-Alania, BelTA learned from the press service of the Belarusian Universal Commodity Exchange.

“The experience of cooperation with other Russian regions shows that the exchange mechanism is expedient to use both for export and import operations. In the case of North Ossetia-Alania, supplies of metals and metal products to Belarus can be the most promising area. In Q1 2023 the sum of transactions in this commodity group amounted to $178 million, and about 80% of sales were for products of Russian origin,” Head of Foreign Relations at BUCE Aleksandr Bashliy said.

As for Belarus' products, in his opinion, exports may include dairy products, meat, and leather products, which are traditionally in demand among Russian bidders. “These several categories of goods can serve as a good basis for the development of cooperation between Belarus and North Ossetia in exchange trade,” he emphasized.

The potential for cooperation was discussed during the online conference organized by the export promotion center of the Russian region. The event was attended by 15 trading and manufacturing companies from Vladikavkaz - mainly small and medium-sized businesses.

The parties also discussed issues related to import substitution and transit exchange trade. In particular there is a possibility for mutual supplies of import-substituting industrial products through the BUCE electronic platform, where companies from 17 regions of Russia are present. The parties also discussed the prospects for transit transactions between enterprises from North Ossetia and non-residents of Belarus.

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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