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Economy
29 November 2019, 17:13

Belarusian commodity exchange, Russian Grain Union sign partnership agreement

Archive photo
Archive photo

MINSK, 29 November (BelTA) – A partnership agreement between the Belarusian Universal Commodity Exchange (BUCE) and the Russian Grain Union (RGU) was signed by BUCE Chairman of the Board Aleksandr Osmolovsky and RGU President Arkady Zlochevsky in Moscow on 29 November, BelTA learned from the BUCE press service.

“The BUCE and the RGU will work together to develop exchange trade in grain in Belarus and Russia, to make products of Belarusian and Russian agricultural enterprises more competitive by using the exchange mechanism in trade and procurement more actively. They have also undertaken to promote stock exchange instruments and attract new companies to the BUCE,” the press service noted.

“The agreement has formalized our intentions, namely to achieve tangible economic results in the form of more robust trade between our countries and higher share of the stock segment in the grain market. Our main short-term goal is to draw up a plan of joint action that would take into account the interests of both Belarusian customers and Russian enterprises. Our cooperation should be mutually beneficial,” Aleksandr Osmolovsky stressed.

For his part, Arkady Zlochevsky noted that commodity exchange can become an effective tool for setting the price for grain and can serve as a reference for Russian exporters who want to expand into the Belarusian market.

The Russian Grain Union is one of the largest associations in the Russian agricultural sector. The RDU members include 400 enterprises and organizations of all forms of ownership.

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