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Economy
26 October 2020, 18:27

Chambers of commerce of Belarus, Russia's Smolensk Oblast to promote exchange trade

MINSK, 26 October (BelTA) – An agreement to develop cooperation in cross-border exchange trade was reached during the negotiations between representatives of the Belarusian Universal Commodity Exchange (BUCE) and the Smolensk Chamber of Commerce and Industry, BelTA learned from the BUCE's press service.

The priority area is to assist Belarusian and Russian manufacturers of timber and agricultural products to access the commodity exchange market.

The chambers are also set to establish a regular exchange of marketing information, to draw up a list of joint activities to attract companies from Smolensk Oblast to exchange auctions.

“Cooperation will provide great opportunities to enterprises in our region to find partners in various sectors of the economy. In order to register on the exchange Smolensk business will only need to email an extract from the Single State Register of Legal Entities,” said Larisa Rusakova, the head of the international and regional ties at the Chamber of Commerce and Industry.

For his part, the head of the BUCE foreign trade department Aleksandr Bashliy expressed confidence that the more active use of the exchange mechanism in trade between economic entities of Belarus and the Smolensk Oblast of Russia will contribute to mutual trade and export diversification.

“The exchange provides simplified access not only to the Belarusian market, but also to the markets of 64 countries whose companies are accredited with us and participate in exchange auctions. The exchange mechanism has been growing more popular which is evidenced by the increased amount of transit transactions made by foreign organizations. In 2019 there were fewer than 10. This year they are almost 70. In most of these transactions one of the counterparties is a Russian company,” Aleksandr Bashliy noted.

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