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21 December 2021, 12:40

Belarusian commodity exchange, Serbia's NSCOMEX agree to cooperate

MINSK, 21 December (BelTA) - An agreement on the development of cooperation in the field of exchange trade in agricultural products was reached following an online meeting between representatives of the Belarusian Universal Commodity Exchange (BUCE) and the Novi Sad Commodity Exchange NSCOMEX (Serbia), BelTA learned from the press service of BUCE.

The parties exchanged the experience in organizing and conducting auctions in agricultural products, discussed the use of the mechanisms to ensure the execution of transactions and reviewed the promising areas for interaction.

NSCOMEX Director Milos Janic suggested providing mutual access to auctions for Serbian and Belarusian companies, which will contribute to the growth of trade between the countries. “Our exchange trades in agricultural products. These are mainly corn, wheat and soybeans. As far as I know, all these commodities are represented on the Belarusian exchange and are in demand among Belarusian enterprises. In my view, this is where we should focus our efforts. The main thing is to ensure unhindered access of Belarusian companies to our trading platform, and Serbian ones - to yours. Thus, we will provide agricultural enterprises of Belarus and Serbia with an additional tool for export-import operations, which, of course, will have a positive impact on the bilateral trade," the head of the Novi Sad exchange said.

Head of the BUCE foreign trade department Aleksandr Bashliy expressed high interest in establishing a partnership with NSCOMEX, including with a view to implement joint projects at the regional level. "We are very interested in the Balkan countries, and we would like to strengthen our presence in this region. Practice has shown that the most effective way to promote exchange services abroad is to accredit non-resident brokers who will attract new companies and assist with settlements and logistics. I suggest one of your brokers become a representative of BUCE in the Balkans. In turn, one of our brokers will register with your trading platform and will represent the interests of the Novi Sad Commodity Exchange in the Eastern European region. I believe that such a project will not only contribute to the expansion of the geography of exchange trade, but also to the development of our exchanges as a whole," the BUCE representative said.

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 mercantile 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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