MOSCOW, 16 September (BelTA) – The Eurasian Economic Commission has published a report with proposals on setting up a common market for exchange trade in commodities in the Eurasian Economic Union, BelTA has learned.
Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev explained the main goals of setting up the common commodity exchange market include the establishment of objective market prices for exchange-traded commodities, an increase in exchange trade volumes in the union, broader adoption of transactions in national currencies, better mediation between sellers and buyers, and the establishment of fair prices for Eurasian Economic Union products on the global market.
The report suggests proposals with schemes for setting up the common market of exchange-traded commodities, for defining the list of goods and derivatives of financial tools, for calculating exchange price indicators and off-exchange price indicators. Experience of the European Union is also mentioned. The list of exchange-traded commodities may include coal, mineral fertilizers, vegetable oil, sugar, oil cakes, mill cakes, ferrous metal, construction materials, cement, gold, electricity, natural gas, oil, oil products, and grain.
Conclusions and proposals of the report will be used to work out a concept for setting up the common market of exchange-traded commodities in the Eurasian Economic Union. The concept is supposed to be adopted in 2023.
The Eurasian Economic Commission press service reminded that the Belarusian Universal Commodity Exchange had previously arranged a test session to trade in rapeseed oil. Commercial entities and mercantile exchanges of the Eurasian Economic Union countries took part in it. Representatives of the private sector praised the organization of the event and expressed interest in taking part in real trade sessions.