Exchange trade turnover between Uzbekistan and Belarus increased by 29 times
Tashkent, Uzbekistan (UzDaily.com) -- Seven Uzbek companies have been accredited as brokers of the Belarusian Universal Commodity Exchange (BUCE) following the first joint training seminar organized by the BUCE and the Uzbekistan Commodity Exchange (UzEX). The solemn ceremony of presenting brokerage certificates took place at the central office of BUCE in Minsk.
“Exchange trade in Uzbekistan and Belarus today is developing at an accelerated pace, reaching a qualitatively new level. This is evidenced by the indicator of mutual trade. Over the past year, the amount of exchange transactions concluded by Uzbek companies increased by 29 times. I am sure that joining forces with the brokers of the UzEX will expand the circle of residents of Uzbekistan using the Belarusian exchange platform, establish trade in new commodity items and thereby give an additional impetus to bilateral cooperation in the trade and economic sphere,” said the adviser on trade and economic issues of the Embassy of the Republic of Uzbekistan in the Republic of Belarus Kamoliddin Khasanov, who was present at the event as an honored guest.
In turn, Alexander Osmolovsky, Chairman of the Board of BUCE, emphasized that the accreditation of foreign exchange brokers is a completely new form of inter-exchange cooperation, the use of which will provide a powerful synergistic effect and bring real practical benefits to Belarusian and Uzbek business entities. At the same time, according to the head of the Belarusian stock exchange, interaction should be broader and not limited to the markets of Belarus and Uzbekistan.
“We consider the UzEX as a strategic partner, working with which we can not only increase trade between our countries, but also gain access to other promising markets. In particular, Uzbekistan could become for us a kind of "springboard" or an intermediate platform for entering the countries of Asia, where woodworking, petrochemical and agricultural products are in high demand. All this is produced in Belarus and could be supplied to this region through the stock exchange,” said Alexander Osmolovsky.
20 professional participants of the exchange commodity market of Uzbekistan took part in the seminar dedicated to the prospects for the development of the Belarusian-Uzbek exchange trade. During the training, Uzbek specialists got acquainted in detail with all aspects of conducting brokerage activities in the Republic of Belarus, including the procedure for accreditation on the exchange, possible schemes of work and the regulatory framework, and also received comprehensive information about the features of exchange trading, the most liquid groups of goods, price instruments regulation and support system for exchange transactions.
In addition, within the framework of the seminar program, a round table was held on topical issues of cooperation between BUCE and UZEX in the field of exchange trading. The participants of the event exchanged experience and best practices in conducting brokerage activities, discussed possible areas of cooperation, including with the involvement of Belarusian logistics operators, and outlined a work plan for the near future.