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17 January 2023, 17:36

Belarusian commodity exchange to cooperate with Siberian Federal District of Russia

MINSK, 17 January (BelTA) - Belarusian Universal Commodity Exchange intends to establish cooperation with export promotion centers of the Siberian Federal District of Russia, BUCE spokesman Roman Yaniv told BelTA.

"The active participation of regional export promotion centers in raising awareness of business about the exchange mechanism in foreign trade will contribute to trade and economic cooperation between Belarus and the Siberian Federal District of Russia, and will provide favorable conditions for the growth of trade," Aleksandr Bashliy, Head of Foreign Trade with BUCE, said during an online conference organized by the Trade Representation of the Russian Federation in Belarus and Russian Export Center.

"Regional export promotion centers should promote the ideas of exchange trade and help attract small and medium-sized businesses interested in entering the market of Belarus and third countries. A total of 28 companies from five regions of the Siberian Federal District are accredited at the exchange. In terms of the amount of transactions concluded last year, Kemerovo Oblast was the leader. It also entered the top three regions of Russia in terms of exchange trade with Belarus - mainly due to large supplies of thermal coal for Belarusian industrial enterprises. Manufacturing and trade organizations of Novosibirsk Oblast and Altai Territory also regularly sold their products on the commodity exchange. Rapeseed and sunflower oilseeds, and import-substituting industrial goods accounted for the lion's share of sales," Aleksandr Bashliy noted.

He suggested BUCE and regional export promotion centers pool their efforts together, including in the format of brokerage, to fully reveal the potential of cooperation in the field of exchange trade. To this end, BUCE is planning to hold a pilot training seminar for export promotion centers from different regions of Russia, including the Siberian Federal District.

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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