Agricultural producers from Russia's Saratov Oblast encouraged to trade via BUCE
17:33, 21 March
The Belarusian Universal Commodity Exchange intends to encourage suppliers of agricultural products from Russia's Saratov Oblast to participate in exchange trade in order to prevent the shortage of the most popular kinds of agricultural products on the Belarusian market in addition to securing an acceptable level of prices for Belarusian consumers. Saratov Oblast was the top exporter of agricultural goods among constituent units of the Volga Federal District in 2021, BUCE Press Secretary Roman Yaniv told BelTA.
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Aleksandr Bashliy, Head of the Foreign Relations Office of the Belarusian Universal Commodity Exchange, made a speech to cover this topic during the business forum Reverse Business Mission in Saratov. The forum was organized by the Saratov Oblast export promotion center. According to Aleksandr Bashliy, Western sanctions have created prerequisites for invigorating Belarus-Russia trade. Exchange trade can help realize the potential of the bilateral trade and economic cooperation, including in the sphere of agribusiness, as much as possible.
The executive stressed that extraction cakes and mill cakes of oil-bearing crops are some of the most popular agricultural goods on the Belarusian exchange market. The sum of deals with these goods totaled $163 million last year. However, supply has shrunk a bit due to the exodus of Ukrainian suppliers. It opens up great opportunities for Saratov Oblast where major enterprises that process sunflower oilseeds operate. “I am convinced they would be interested in diversifying their exports, a large share of which used to be shipped to Europe. In turn, Belarusian companies are ready to export agricultural machines and components to Saratov Oblast by utilizing the Belarusian Universal Commodity Exchange's B2B platform for industrial and consumer goods. In other words, the potential for mutually beneficial cooperation is very high,” Aleksandr Bashliy said.
Negotiations with a number of Saratov Oblast manufacturing and trade enterprises, which specialize in selling feed additives and food, also took place within the framework of the business forum. Agreements were reached on submitting these goods for exchange trade, including for export to third countries by utilizing the transit deal mechanism.
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.
