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22 July 2016, 18:06

BUCE considering opening representative office, exchange warehouse in Iraq

MINSK, 22 July (BelTA) – OAO Belarusian Universal Commodity Exchange (BUCE) may open a representative office or an exchange warehouse in Iraq. The idea was discussed among other things during the recent meeting of the BUCE management with a delegation of the Iraqi Businessmen Association (IBA), BelTA has learned.

During the meeting representatives of Iraqi industrial and trade companies were informed about the main areas of efforts and operational principles of the Belarusian Universal Commodity Exchange as well as opportunities for using exchange trade instruments and digital trade instruments for raising the bilateral trade turnover.

Prospects of using BUCE's digital platforms for selling Belarusian products to Iraq and other Middle East countries were discussed. If the number of deals with Iraqi companies is large, BUCE may open a representative office or an exchange warehouse in Iraq.

As a result of the visit the sides reached an agreement on advancing cooperation with the Iraqi Businessmen Association. In particular, information will be shared, BUCE services will be promoted among representatives of the Iraqi business community, and Iraqi companies will be encouraged to trade via digital exchange platforms. As the first step plans have been made to train a representative of the Iraqi Businessmen Association to use the digital platform for selling and buying industrial and consumer goods.

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