(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 29. The BelarusianUniversal Commodity Exchange (BUCE) aims to develop trade withTurkmenistan, Head for Exchange's Foreign Relations AlexanderBashliy told Trend in an exclusive interview.
"The Belarus-Turkmen trade exchange will be established usingthe same ideas and technologies that have proven successful inother areas. In particular, we discuss conducting exchange seminarsand webinars, round tables, and conferences with the participationof representatives of Belarusian and Turkish businesses," henoted.
According to him, collaborative events planned with thecooperation of industrial groups or business circles typicallydeliver the maximum efficiency.
"Therefore, an agreement has already been reached on cooperationwith the Chamber of Commerce and Industry of Turkmenistan, whichexpressed its readiness to assist in informing Turkmen businessentities about the possibilities and advantages of the exchangemechanism," Bashliy said.
Furthermore, the representative of the exchange stressed thatthe issue of accreditation of a stockbroker in Turkmenistan is alsobeing worked out, which will become a link between the Belarusianexchange and local enterprises, helping them to participate inauctions, settle transactions, and provide logistics.
"There are prospects in agriculture, industry, and woodworking,but, in my opinion, it is advisable to start with lumber. Alongwith dairy products, this is a distinctive indicator of Belarus,"he said.
Furthermore, he mentioned that Belarusian timber products aresupplied through the exchange to more than 20 countries in theworld, including Turkmenistan, where demand for wood products isconsistently high, and therefore it is necessary to increase thevolume of Belarusian exports by increasing the pool of Turkmenbuyers and ensuring the rhythm of supplies.
"The first steps in this direction have already been taken:negotiations have been held with residents of Turkmenistan alreadyaccredited at the exchange, who for one reason or another have notparticipated in exchange trading sessions over the past year. As aresult, most of BUCE's inactive clients from Turkmenistan plan tointensify their activities on the exchange platform in the nearfuture," Bashliy said.
The representative of the exchange added that, in parallel, asearch is underway for potential buyers of Belarusian dairyproducts and sugar, where there is certainly interest.
"Belarus has an export-oriented economy; therefore, companiesfrom a variety of industries sell their products overseas,particularly through exchange trading. At the same time, theexchange is frequently utilized as a tool for expanding thegeography of sales because, through our trading system, it ispossible to acquire access to potential buyers from more than 70countries at minimal expense," he said.
The representative of the exchange noted that Turkmenistan isalso represented on the exchange, and for many Belarusianenterprises, it is a promising sales market with greatpotential.
"However, import choices are rather diverse. Polymer products,detergents, textile raw materials, and workwear are among the mostpopular items on the Belarus stock exchange. All of these productsare produced in Turkmenistan and can be distributed to theBelarusian market through an exchange platform. In other words,aggressively employing the exchange mechanism in mutual trade willbenefit both the Turkmen and Belarusian sides," Bashliystressed.
He also stated that the exchange system is as transparent aspossible because trading is conducted anonymously and any chance ofpricing collusion is eliminated, despite the fact that uniformrules apply to all bids, which are overseen by the stockbroker.
Meanwhile, the Belarusian Universal Commodity Exchange is theonly commodity exchange in the country and the largest spotexchange in Eastern Europe, with all transactions requiring paymentand physical delivery of products.
A delegation from the Belarusian Universal Commodity Exchange'sDepartment of Foreign Relations visited Ashgabat in late March, andplans were announced to increase trade with Turkmenistan this yearby realizing the exchange's export potential, which is primarilyrepresented by the supply of timber, dairy products, and sugar.
Several discussions with potential timber importers and Turkmenfood sector firms took place during the tour, which was organizedby the Belarusian Chamber of Commerce and Industry's Minsk branchin collaboration with the Embassy of Belarus in Turkmenistan.
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