MINSK, 16 June (BelTA) - The experience of the Belarusian Universal Commodity Exchange (BUCE) in organizing an electronic trading platform for import substitution can be used by the Egyptian Mercantile Exchange (EMX), with which the BUCE has signed a memorandum of cooperation. The matter was discussed during an online meeting between the management and technical experts of BUCE and EMX, BelTA learned from BUCE spokesman Roman Yaniv.
In addition to the technological component, the Egyptian Commodities Exchange was interested in the way to organize and conduct trading session on the exchange platform, the composition of participants, pricing, the principles of compiling electronic catalogs of goods and tools to monitor the execution of transactions.
“We would like to study in detail the Belarusian best practices in exchange trading and, possibly, adopt some technological and organizational solutions that will help improve the efficiency of our trading platform. We are particularly interested in trading in agricultural products, metals and petrochemical products, as these groups of goods are currently represented in our trading system. No less valuable will be information about your import substitution platform. Electronic B2B trading is a completely new area for us, and your automatic search and notification mechanisms, along with the possibility of delivery of goods to order, would certainly increase the convenience of using the Egyptian platform,” said EMX Managing Director Karim Mekky.
Responding to the questions of Egyptian counterparts, Eduard Belsky, First Deputy Chairman of the BUCE Board, confirmed the readiness to exchange experience with EMX and carry out technology transfer. At the same time, the practical result of such interaction should be an increase in the exchange commodity turnover between Belarus and Egypt.
“Any inter-exchange cooperation should have a practical orientation, namely to promote contacts and intensify trade relations between producers and consumers from different countries. Therefore, if necessary, we are ready to adapt our technological solutions for the Egyptian market and deploy them on the basis of your trading platform. This will help you save time and human resources and to achieve the main goal of your exchange - the development of an organized wholesale commodity market in Egypt much faster,” Eduard Belsky 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.