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Plans to sell more Russian timber via Belarusian Universal Commodity Exchange

Economy 07.06.2018 | 14:31

MINSK, 7 June (BelTA) – Prospects of selling Russian timber via OAO Belarusian Universal Commodity Exchange (BUCE) were discussed as a delegation of the woodworking industry of Russia's Vologda Oblast led by Vice Governor Mikhail Glazkov visited the BUCE central office on 6 June, BUCE Press Secretary Roman Yaniv told BelTA.

BUCE First Deputy Chairman of the Board Anatoly Zaretsky noted that the commodity exchange had accumulated considerable experience of trading in timber on the home market and foreign ones. “We've been trading in timber since 2005. We started with electronic communication and voices, but transitioned to a fully digital format shortly after that. By the way, representatives of the Saint Petersburg International Mercantile Exchange came to study our experience and technologies before they started trading in timber and construction materials in the past. Technical capabilities of our trade system allow processing more than 1 million bids within one trading session. About 1,000 sellers and buyers from various countries participate in our trade sessions. We are interested in cooperation with Russian timber suppliers, particularly when they want to sell rare and precious timber varieties,” he said.

Anatoly Zaretsky went on saying that Russian timber had already been sold once via BUCE. “Upon request of the Forestry Ministry of Russia's Irkutsk Oblast we held a pilot trade session in November 2017 to sell the timber products made in this region of Russia. So, we've made some headway. Your companies will be able to use the commodity exchange to sell timber to customers from Russia, Belarus, or third countries,” he explained.

During the meeting Vologda Oblast Vice Governor Mikhail Glazkov pointed out that timber is a strategic resource and using it effectively is an important task for the oblast government. “In 2017 our companies exported $396 million worth of merchandise, 21% up from 2016. Positive dynamics has been registered this year, too. If we can reach new target markets and increase sales via your trading platform, we are ready to consider accreditation and offering Vologda Oblast timber products for sale,” said Mikhail Glazkov.

A presentation was arranged for the Russian delegation to demonstrate how timber is traded at the commodity exchange. Members of the delegation were made familiar with principles of operation of OAO Belarusian Universal Commodity Exchange and appreciated capabilities of its trading system.

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