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17 May 2022, 13:33

Opinion: EAEU, CIS need to promote advanced exchange trade mechanisms together

MINSK, 17 May (BelTA) - The member states of the Eurasian Economic Union (EAEU) and the Commonwealth of Independent States (CIS) need to work together to develop and implement advanced mechanisms of exchange trade, which would help producers in the current situation to freely sell their products, Minister of Antimonopoly Regulation and Trade of Belarus Aleksei Bogdanov said at a general meeting of the members of the International Association of Exchanges of the Commonwealth of Independent States in Minsk on 17 May, BelTA has learned.

“It is encouraging that the EAEU and CIS countries are increasing their integration interaction and creating new elements of the common economic space in response to the external sanctions. Together we need to develop and implement advanced mechanisms of exchange trade, which will help producers in the current difficult situation to sell their products barrier-free. First of all this means a quick search for new suppliers and buyers, diversification of commodity flows from west to east, introduction of new commodity groups into the exchange trade, provision of guarantees not only for payments but also for supplies of goods, and new packages of services for transaction support - exchange trade and exchange instruments are playing an even more important role in this area,” Aleksei Bogdanov said.

According to him, in the discussions about common markets governments and responsible ministries mention the role of exchanges as organizers of those markets more often. The matter pertains to electricity, oil products and farm produce. “I hope that the reports and opinions that will be delivered today, the discussions on them will bring many issues concerning mutual trade and integration of the CIS countries to a new level. Exchange of experience, know-how and technologies between our exchange institutions is also highly important. I am sure that the forum will arouse genuine interest of the professional community and will be held at a high organizational level,” Aleksei Bogdanov said.

Today Minsk is playing host to the general meeting of the members of the International Association of Exchanges of the CIS countries with the participation of the exchanges of the near and far abroad, heads of the ministries and departments of Belarus, and leading economic experts. This year the meeting of the International Association of Exchanges of the CIS countries is featuring other exchanges, which is set to contribute to attraction of new members to the association from various regions and give an additional impetus to the development of the exchange community. The program of the forum envisages a plenary session to discuss development of commodity exchange and financial markets in the Eurasian Economic Union and the CIS, including current trends on the energy market, influence of commodity exchanges on food security, use of exchange instruments for insurance of foreign trade risks and prospects for implementation of exchange integration projects in the post-Soviet area. Among the events are also a meeting of the committee on commodity markets established under the International Association of Exchanges and a round table with participation of leading stock exchanges in the CIS.

Established in Moscow in April 2000, the International Association of Exchanges of the CIS countries is an international organization providing assistance in the development of exchange trading and cooperation in currency, credit and financial relations. The association includes 20 organizations from ten CIS countries, which play a key role in servicing mutual financial trade, transactions in foreign currency, government and corporate securities.

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