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30 September 2021, 13:23

BUCE, Russia's Volgograd Oblast agree to increase volume of exchange trade

Photo courtesy of BUCE
Photo courtesy of BUCE

MINSK, 30 September (BelTA) - An agreement to develop cooperation in commodity exchange trade between Belarus and Volgograd Oblast of Russia has been reached following the negotiations between representatives of the Belarusian Universal Commodity Exchange (BUCE) and the Volgograd Oblast administration. The meeting took place on the sidelines of the Belarusian Industrial Innovation Forum, BUCE press secretary Roman Yaniv told BelTA.

According to the parties, Volgograd companies, especially small and medium-sized business, do not use the potential of the exchange mechanism in trading with Belarusian business entities to the full. One of the main reasons is insufficient awareness of the possibilities of the exchange platform. In this regard, Volgograd Oblast First Vice Governor Alexander Dorzhdeev expressed his readiness to assist in providing the business community of the region with the information about the BUCE tools and solutions through all available communication channels, including with the support of the Volgograd Chamber of Commerce and Industry.

“We are extremely interested in increasing mutual commodity trade between our region and Belarus. The Belarusian Universal Commodity Exchange can become a good help for Volgograd entrepreneurs who would like to work in the Belarusian market. We are ready to use our resources and inform our businessmen about the advantages of the commodity exchange trade. We may start with the members of the Volgograd Chamber of Commerce and Industry, among which, I am sure, there are a lot of enterprises willing to sell their products in Belarus,” Alexander Dorzhdeev said.

The initiative was also supported by Vadim Tkachenko, President of the Volgograd Chamber of Commerce and Industry, who was also present at the negotiations. “It seems to me that exchange trading will be interesting first of all for small and medium-sized business, since it not only provides direct contact with potential business partners in Belarus but also minimizes the risk of default on foreign trade transactions. This is a good enough reason to be accredited at the exchange platform and take part in trading,” said Vadim Tkachenko.

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky stressed that it is important to intensify cooperation with small companies and individual entrepreneurs that do not have their own distribution network. He suggested helping them with product sales both to Belarus and to the European Union countries, where BUCE has about 3,000 clients.

“Today our exchange is not just an electronic trading platform but a full-fledged marketing tool that significantly facilitates foreign trade activities. A company from Volgograd Oblast only needs to place an application in the exchange trading system, and we will form a pool of potential buyers for it in the shortest possible time, and not only in Belarus. By the way, this is actively used by individual entrepreneurs from Bryansk, Pskov and Smolensk oblasts, selling lumber to the Baltic states through our platform. Last week 21 transit deals with lumber products were made during one trading session. Building materials, rapeseed oil, milk powder and other goods produced in Russia are actively sold as well. In this regard the opportunities for Volgograd companies are wide,” the BUCE head emphasized.

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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