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21 October 2021, 13:49

Indian ambassador: Exchange trading plays an important role in trade cooperation with Belarus

MINSK, 21 October (BelTA) - The Belarusian exchange platform can play an important role in the development of trade and economic cooperation between India and Belarus, becoming a reliable link between companies, Ambassador Extraordinary and Plenipotentiary of India to Belarus Alok Ranjan said as he visited the central office of the Belarusian Universal Commodity Exchange (BUCE) on 21 October, BelTA learned from as the BUCE press service.

According to the diplomat, the use of the exchange mechanism will make the mutual trade structure more balanced through increasing the sales of such sought-after goods in India as lumber, ferrous metal products and petrochemical products.

“Now potash fertilizers account for a large share in the trade between our countries. There are however many other goods, which Belarusian producers could ship to India and Indian producers - to Belarus. First of all, these are lumber, metal products, petrochemicals, and food products. With the help of the exchange platform we will be able to increase the volume of trade in these types of products. In this respect the exchange is a really perspective tool that every Indian company, which plans to work in Belarus and Eastern Europe in general, should know about,” Ambassador Alok Ranjan stressed.

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky agreed with the necessity to more actively inform Indian business about possibilities to participate in the exchange trading. He also suggested joining efforts with the Embassy of India to hold joint events aimed at popularization of the exchange trading and establishment of business contacts between Belarusian and Indian companies. He added that the BUCE has accredited more than 3,000 companies from the European Union, which would be interested in buying Indian goods.

“If we succeed in establishing trade between Belarusian and Indian companies through the exchange platform, then companies from the European Union will definitely show interest in the proposals of Indian exporters. China can be set as an example here. As soon as we started to study this market and built optimal logistics, European companies immediately picked up this topic and began using our trading platform for interaction with Chinese companies. Therefore, our slogan “Be with us - trade with the whole world” is not just words, but a guide to action,” said Aleksandr Osmolovsky.

The parties agreed to work on the possibility of holding the first Belarusian-Indian exchange forum by the end of this year, which will help the business community in India get familiar with the key features and advantages of the Belarusian exchange platform and become a starting point for long-term and fruitful cooperation between the BUCE and the Embassy of India.

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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