MINSK, 20 June (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the St. Petersburg International Mercantile Exchange (SPIMEX) have signed a cooperation agreement to organize export-import commodity exchange trade between Belarus and Russia, BUCE’s press service told BelTA.
The signing ceremony took place on the sidelines of the St. Petersburg International Economic Forum on 19 June. The document was signed by BUCE Chairman of the Board Aleksandr Osmolovsky and SPIMEX Head Igor Artemyev. The agreement provides for cooperation in exchanging information on high-demand commodity positions and jointly improving the conditions for interstate exchange trade, granting participants mutual access to goods traded on both countries’ markets.
BUCE and SPIMEX also plan to join forces to develop new exchange products tailored to the specifics of cross-border trade and clearing mechanisms, facilitate the concentration of mutual export-import operations involving goods with significant exchange potential, particularly within the framework of the international agreement to launch common oil and petroleum product markets in the EAEU.
“The agreement is an important step to boost mutual exchange trade between our countries, as well as within the EAEU. It will undoubtedly contribute to the growth of the economic potential of the union’s common commodity market,” Igor Artemyev said.
“The main goal of cooperation between BUCE and SPIMEX is to create an effective mechanism for interaction between elements of exchange infrastructure that meets the interests of economic entities in EAEU member states and encourages their participation in exchange trading,” Aleksandr Osmolovsky 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.
Follow us on:
