MINSK, 24 June (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the China Timber & Wood Products Distribution Association (CTWPDA) reached an agreement on cooperation in timber exchange trade, BelTA learned from the BUCE press service.
The parties plan to cooperate in such areas as attracting Chinese timber importers to the BUCE, holding joint events for Chinese business, raising awareness and advising on accreditation and participation in exchange trading.
According to Chairman of the Board of BUCE Aleksandr Osmolovsky, by working through the exchange Chinese companies receive a set of effective tools that minimize risks and simplify procurement procedures in the Belarusian market.
“The exchange is a state organization that implements the country’s policy in the field of timber export. We are keen to see every transaction through. To do this, we have introduced a system of exchange deposit, which is made by both the seller and the buyer. We also offer an opportunity to make payments for goods through exchange accounts, which protects the interests of both parties similarly to a bank letter of credit. These instruments minimize the risk of default. In addition, foreign companies that purchase timber and dairy products on the exchange have the right to use the mechanism of targeted transactions, which provides for a simplified accreditation procedure and allows you to conclude exchange contracts with specific Belarusian suppliers at a price not lower than the current exchange price,” Aleksandr Osmolovsky said.
Following the talks with BUCE, CTWPDA President Li Jiafeng expressed his readiness to establish partnership relations with the Belarusian exchange and assist in expanding the range of its users from China. “Our association has about 3,000 companies that import and export timber. I am confident that the exchange will be able to become a reliable channel for them to purchase timber and other wood products in Belarus,” Li Jiafeng said.
According to BUCE, in January-May 2025 participants from China became the largest buyers of timber at BUCE generating 30% of the total export sales of these products. Along with residents of China, the top five importers of sawnwood products also included Azerbaijan, Uzbekistan, Russia and Singapore.
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.
The parties plan to cooperate in such areas as attracting Chinese timber importers to the BUCE, holding joint events for Chinese business, raising awareness and advising on accreditation and participation in exchange trading.
According to Chairman of the Board of BUCE Aleksandr Osmolovsky, by working through the exchange Chinese companies receive a set of effective tools that minimize risks and simplify procurement procedures in the Belarusian market.
“The exchange is a state organization that implements the country’s policy in the field of timber export. We are keen to see every transaction through. To do this, we have introduced a system of exchange deposit, which is made by both the seller and the buyer. We also offer an opportunity to make payments for goods through exchange accounts, which protects the interests of both parties similarly to a bank letter of credit. These instruments minimize the risk of default. In addition, foreign companies that purchase timber and dairy products on the exchange have the right to use the mechanism of targeted transactions, which provides for a simplified accreditation procedure and allows you to conclude exchange contracts with specific Belarusian suppliers at a price not lower than the current exchange price,” Aleksandr Osmolovsky said.
Following the talks with BUCE, CTWPDA President Li Jiafeng expressed his readiness to establish partnership relations with the Belarusian exchange and assist in expanding the range of its users from China. “Our association has about 3,000 companies that import and export timber. I am confident that the exchange will be able to become a reliable channel for them to purchase timber and other wood products in Belarus,” Li Jiafeng said.
According to BUCE, in January-May 2025 participants from China became the largest buyers of timber at BUCE generating 30% of the total export sales of these products. Along with residents of China, the top five importers of sawnwood products also included Azerbaijan, Uzbekistan, Russia and Singapore.
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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