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Economy
06 April 2021, 13:34

EAEU exchanges to step up efforts to create common commodity markets

Archive photo
Archive photo

MINSK, 6 April (BelTA) – Exchanges of the Eurasian Economic Union (EAEU) member states intend to step up cooperation in creating common markets for energy, agricultural products, and other strategically important goods, both primary and manufactured. The relevant agreement was reached during a web-based meeting of the Committee on Commodity Markets at the International Association of Exchanges of CIS Countries (MAB CIS), BelTA learned from Spokesman of the Belarusian Universal Commodity Exchange (BUCE) Roman Yaniv.

Taking part in the meeting were top managers of BUCE, Moscow Exchange, the Saint-Petersburg International Mercantile Exchange, the Eurasian Trade System Commodity Exchange (Kazakhstan), Caspy Commodity Exchange (Kazakhstan), Uzbek Commodity Exchange, and Kyrgyz Stock Exchange.

The participants of the meeting shared the results of operation of their commodity exchanges in Q1 2021 and discussed prospects for interaction with the Eurasian Economic Commission in the strategic areas of the development of the Eurasian integration until 2025.

For example, the participants backed BUCE's proposal to set up an international working group to harmonize legislation of the EAEU member states in exchange trade. This will enable to study the national legislation of the member states and local legal regulations regarding the commodity exchanges with the aim to work out common approaches and principles of operation of the common commodity markets in the EAEU.

MAB CIS is the international non-profit organization based in Moscow. It comprises financial and commodity exchanges from ten countries. BUCE is a full member of MAB CIS. It has initiated the establishment of a committee on commodity markets at MAB CIS.

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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