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02 November 2022, 18:08

Rostov Oblast export promotion center gets broker status at Belarus' commodity exchange

MINSK, 2 November (BelTA) – The Rostov Oblast center for coordinating support to export-oriented SMEs has become the first regional export promotion center to receive the status of a broker at the Belarusian Universal Commodity Exchange (BUCE) in Russia, BelTA learned from the BUCE press service.

During a ceremony to hand over the broker certificate BUCE Chairman Aleksandr Osmolovsky said that increasing the volume of exchange trade with Rostov Oblast and the number of participants of this region is one of the priorities of the BUCE operation in Russia. In this regard, a certified broker specializing exclusively in Rostov Oblast will contribute to the achievement of the BUCE goals. “This year, following the instruction of the government, we are paying the closest attention to the development of cooperation with Rostov Oblast: we hold face-to-face and online seminars, participate in business events, host business delegations, travel to individual enterprises to talk about the advantages of the exchange platform.

This work is carried out comprehensively and on a systematic basis, ensuring specific results - growth of the number of accredited companies and a wider range of goods involved in mutual exchange trade. For example, over the past three months alone, ten new participants from Rostov Oblast have entered the exchange and have already made test transactions. Among the new goods we should mention timber and amino acids produced in Belarus, which are now supplied to the Southern Federal District of Russia. As practice shows, the exchange mechanism is in high demand among small and medium-sized businesses due to the lack of their own commodity distribution network abroad. Therefore, I am sure that now that their interests are represented by a professional participant, our interaction with Rostov Oblast will reach a completely new level,” the BUCE head emphasized.

Director of the export promotion center Arkady Murzayev also spoke about the difference of the BUCE from ordinary electronic trading platforms. “Probably the most important differences are reliability, transparency, and low risk. Each new participant undergoes a verification procedure, so only real companies with a clean history are admitted. Trading itself is done online in anonymous mode, which excludes a corrupt component, and each completed transaction is monitored by the exchange until the full performance of the obligations by the parties. In other words, the exchange platform provides all necessary conditions for doing business not only with contracting agents from Belarus but also with companies from other countries, thereby significantly expanding the geography of trade,” said Arkady Murzayev.

As of 1 November 2022, a total of 56 companies from Rostov Oblast were accredited at the BUCE. The number of transactions over the ten months totaled $2.1 million. This year Rostov companies supplied to Belarus ferrous metal products and coal, and purchased timber products and feed additives.

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