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10 June 2023, 09:28

BUCE, Krasnodar Krai export support center sign agreement on cooperation

Photo courtesy of BUCE
Photo courtesy of BUCE

MINSK, 10 June (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Export Support Center of Russia's Krasnodar Krai are set to consolidate efforts to develop exchange trade in order to increase commodity turnover and boost bilateral trade and economic cooperation. Such intentions of theirs make part of the cooperation agreement signed between the Belarusian Universal Commodity Exchange and the Krasnodar Krai Export Support Center, BelTA learned from the press service of the exchange.

According to the document, the parties plan to achieve the goal by attracting export-oriented enterprises of the region to the exchange platform, including through joint information and practical activities aimed at small and medium-sized businesses.

According to the BUCE press service, the first step has already been made: a delegation of Kuban business interested in working on the Belarusian market visited the central office of the exchange. The main topic to discuss was the use of exchange mechanism for sell products of the agro-industrial complex of Krasnodar Krai in Belarus.

“In comparison with January-May last year the amount of exchange transactions conducted by Krasnodar companies has almost doubled. Moreover, the structure of exchange turnover has diversified. In 2022 it was only the purchase of Belarusian fodder additives. Today Belarus supplies Krasnodar Krai with domestic dairy products, woodworking products and building materials. There are import deals as well,” the BUCE noted. In particular, in April 2023 test batches of Kuban wheat and sunflower seeds were sold at the exchange trading sessions.

Plans are in place to pay more attention to the agro-industrial complex and to attract agricultural enterprises from Krasnodar Krai to the exchange, first of all producers of grain, oilseeds and meal. “Here we count on the assistance of the regional export support center,” the press-service stressed.

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.

BUCE has so far accredited 3,257 residents of the Russian Federation, including 45 from Krasnodar Krai. It is expected that the next stage of cooperation between the exchange and the regional export support center will be its accreditation as an exchange broker. The corresponding preliminary agreement has already been reached with the management of the export support center.

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