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30 May 2022, 19:58

First few deals closed via Belarusian Universal Commodity Exchange's import substitution platform

MINSK, 30 May (BelTA) – The first few deals have been closed via the import substitution platform the Belarusian Universal Commodity Exchange has developed, BelTA has learned.

The platform went online on 27 May. Belarusian companies used the platform to close 166 deals worth a total of Br545,000 the same day. The top sellers included paints and varnishes, bituminous and plaster mixtures, sealants, fiberglass, plastic and rubber products as well as pumping equipment, power tools, electrical panels and electricity meters.

According to the Belarusian Universal Commodity Exchange, at present the platform offers a broad choice of import substitutes, which sell well in Belarus. A deal can be closed within a short timeframe. These factors explain the strong interest in the Belarusian Universal Commodity Exchange.

According to the Belarusian Universal Commodity Exchange press service, at present the digital catalogue offers about 500,000 commodity headings and the list grows larger every day. All of them are up-to-date offers from the vendors the Belarusian Universal Commodity Exchange has verified. They are ready to promptly ship the necessary amount of goods. The platform selects import substitutes automatically. Users can get alerts about new purchase bids or sale offers to their phones or email addresses. A delivery versus payment scheme has been used to further protect interests of buyers and sellers. All the risks arising from a failure to honor the deal or a failure to honor commitments on time are minimized. The import substitution platform was developed by leveraging many years of the Belarusian Universal Commodity Exchange's experience in the sphere of digital trade. The Belarusian Universal Commodity Exchange believes the tool will benefit both state-run enterprises and private businesses.

Any user without Belarusian Universal Commodity Exchange accreditation can access the import substitution platform and get familiar with the available offers using a PC or any mobile device with Internet access. However, users need to get free digital signatures and accreditation in order to trade. Trading sessions on the import substitution platform are held 24/7.

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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