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07 December 2021, 16:47

Exchange trade to help increase trade between Belarus, Russia's Bashkortostan

Photo courtesy of the Belarusian Universal Commodity Exchange
Photo courtesy of the Belarusian Universal Commodity Exchange

MINSK, 7 December (BelTA) – The development of exchange trade between Belarus and Russia's Republic of Bashkortostan will help increase the overall trade, BelTA learned from Press Secretary of the Belarusian Universal Commodity Exchange (BUCE) Roman Yaniv.

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky participated in a seminar for representatives of Bashkortostan's business circles. The seminar was organized with assistance of the Trade Representation of Russia in Belarus and the Russian Export Center. About 70 Bashkortostan companies working in various economy branches took part in the seminar. During the seminar Aleksandr Osmolovsky said: “Practice indicates that the active use of exchange trade in transboundary trade has a positive effect on trade turnover between countries. It also helps diversify trade structure and creates a favorable environment for stronger business contacts.”

According to Aleksandr Osmolovsky, the dynamics of trade with Russian regions testifies to the effectiveness of the commodity exchange as a trade tool. Trade with Russian regions rose steadily throughout 2021.

Aleksandr Osmolovsky noted: “The volume of exchange trade with Russian regions have increased substantially since the beginning of the year. For instance, trade with Moscow Oblast has doubled in comparison with 2020. Belarusian companies sold butter, flour, gravel, and hides to Moscow Oblast and bought steel pipes, metal sheets, cable and semiconductor products. Trade with Leningrad Oblast demonstrated a similar growth rate primarily thanks to the export of cement and the import of coal to satisfy needs of the Belarusian industrial sector and the railroad. Unfortunately, companies from Bashkortostan have not traded via the Belarusian Universal Commodity Exchange this year although 64 traders from the neighboring Chelyabinsk Oblast are accredited with BUCE and the sum of their deals has reached $76 million. In other words, we have a considerable reserve for more active interaction not only in export and import but in transit trade, too.”

In turn, Trade Representative of the Russian Federation to Belarus Yuri Zolotarev noted that Belarus is Bashkortostan's third largest trade partner after China and Kazakhstan. Opportunities for stepping up mutual trade are far from exhausted. This is why the Belarusian Universal Commodity Exchange can become an additional tool for Bashkortostan companies, which would like to do business on the Belarusian market or in third countries.

Yuri Zolotarev said: “It is no accident that the Belarusian Universal Commodity Exchange is one of our key partners in Belarus. Within slightly less than a year of working together we've managed to find reliable partners for many Russian companies, including major players and small enterprises. Today they successfully sell their products via the Belarusian Universal Commodity Exchange, which opened not only the Belarusian market but other countries for them. This is why when Russian exporters contact us with a request to help organize deliveries to Belarus, we definitely recommend the Belarusian Universal Commodity Exchange as a time-tested trade channel, which can be used in addition to an existing distribution chain or as the main trade tool.”

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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