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05 October 2021, 12:42

Pakistan ready to trade with Belarus via Belarusian Universal Commodity Exchange

MINSK, 5 October (BelTA) – The private sector of Pakistan is ready to trade with Belarus via the Belarusian Universal Commodity Exchange (BUCE), the BUCE press service told BelTA.

Ambassador Extraordinary and Plenipotentiary of Pakistan to Belarus Sajjad Haider Khan and a delegation of Pakistan's private sector visited the central office of the Belarusian Universal Commodity Exchange. The ambassador said: “Exchange trade can give a new impulse to the development of Belarus-Pakistan trade and economic relations. The ability to trade with leading Belarusian enterprises without mediators and to be confident that every deal will be honored are the advantages that have allowed gathering and bringing to Belarus the largest Pakistani business delegation in the entire history of our cooperation. It seems to me it means a lot.”

Chairman of the Belarus-Pakistan Business Council Shahzad Sabir expressed a similar point of view. In his words, the digital tools and solutions the Belarusian Universal Commodity Exchange offers are particularly in demand today when Pakistan has been adapted to work amid the pandemic and the country's economy is gradually transitioning to steady growth.

The businessman stressed: “Our country is intent on stepping up interaction with all the trade partners and Belarus is not an exception. Despite the rather modest trade turnover between our countries we see a considerable potential for the development of mutual trade primarily in agriculture, woodworking, metallurgy, and petrochemical industry. Certainly, it will require some time but I am confident that the use of the Belarusian Universal Commodity Exchange will help reach our goals much faster. In essence the entire Belarusian industrial sector and agriculture are represented on the commodity exchange. It seriously facilitates work on your markets for companies from Pakistan.”

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky confirmed the exchange's readiness to become a digital bridge between Belarus and Pakistan and offer as favorable business conditions as possible to Pakistani companies.

The BUCE head assured: “The universality of exchange trade is manifested as our ability to effectively organize trade in any products and on any market. This is why the Belarusian Universal Commodity Exchange is popular with metal producers from Russia, leatherworking companies from Italy and the UK, and woodworking enterprises from China and Egypt. On the whole, the geography of exchange trade covers 68 countries for now. I hope that the plans that are mentioned today will soon be implemented and Pakistani companies will also start using exchange tools. No doubt we will facilitate it by any means.”

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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