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26 September 2022, 19:56

Belarusian Universal Commodity Exchange, China branch of BRICS institute to promote online trade

MINSK, 26 September (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the China Branch of the BRICS Institute of Future Networks (BIFNC) have signed a memorandum of cooperation with a view to facilitating the development of online exchange trade of Belarus and China and further enhancement of Belarus-China trade and economic relations, the BUCE press service told BelTA.

BUCE and BIFNC intend to regularly share analytical information and marketing data, carry out joint events of informational and practical nature involving representatives of the private sectors of Belarus and China. There are also plans for projects meant to more actively involve Belarusian and Chinese companies in transboundary exchange-facilitated trade, including small and medium enterprises.

According to the BUCE press service, BIFNC's accreditation as a BUCE broker can become a promising avenue of interaction. The accreditation will allow fully utilizing the vast network of BIFNC's business contacts for attracting sellers and buyers from China to exchange trade. It will also allow BIFNC to seal deals in their name, thus increasing Belarus-China exchange-facilitated trade. Shipments of Belarusian timber and fuel granules to China are expected to be focused on initially since these commodities enjoy a strong demand on the Chinese market.

With this in mind the first educational webinar has been held for BIFNC specialists. Details and the procedure of export exchange trade in woodworking products were covered. Similar webinars will be arranged later on upon requests of the Chinese side in order to cover other groups of commodities, which are represented on the Belarusian mercantile exchange.

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.

At present 98 Chinese companies operate on the Belarusian Universal Commodity Exchange. Three of them are exchange brokers. They carried out transactions worth $28 million in January-August 2022.

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