BUCE, Russia’s Smolensk Oblast CCI sign cooperation agreement

The document provides a legal framework for long-term partnership between the two organizations and will enable systematic cooperation in the exchange trading sector. The agreement was signed in Smolensk following a meeting between Yaroslav Kovalchuk, Head of the Foreign Economic Activity Department at BUCE, and President of the Chamber of Commerce and Industry of Smolensk Oblast Vladimir Arkhipenkov.

“Cooperation with the regional Chamber of Commerce and Industry opens up additional opportunities for involving Smolensk businesses in exchange trading. It provides a direct channel to more than 700 companies and entrepreneurs in the region, many of whom are sure to be interested in the instruments offered by the exchange. As of 26 August, 662 business entities from Smolensk Oblast are already represented on our platform, while the value of transactions by Smolensk participants in January-July increased 1.6 times, exceeding $175 million equivalent. I am confident that with the chamber’s support, we will be able to significantly increase both figures,” Yaroslav Kovalchuk said.

Vladimir Arkhipenkov noted that cooperation with Belarus is one of the priorities of the international activities of the organization he heads. Therefore, joining forces with BUCE fully meets the chamber’s strategic goals and will undoubtedly contribute to further strengthening trade and economic ties with Belarus. “Our task is to create conditions for direct dialogue between companies, help entrepreneurs find reliable partners and develop joint projects. We expect that the exchange and its digital solutions will make it easier for Smolensk companies to operate in Belarus and increase the economic benefits they derive,” he stressed.

The first practical result of the cooperation agreement was a joint exchange seminar for the Smolensk Oblast business community. It covered the key features and advantages of participating in exchange trading, the procedure for entering the Belarusian commodity market through BUCE. The sides also discussed supplies of rolled steel from the Yartsevskiy Metallurgical Plant to Belarusian industrial companies. An agreement was reached to accredit the company on BUCE.

The Belarusian Universal Commodity Exchange was established in 2004; its first trading session was held in June 2005. The BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to help Belarusian enterprises export products and assist foreign companies in entering the Belarusian market. The exchange trades metals, timber, agricultural products, industrial and consumer goods.