Commodity exchanges of Belarus, St Petersburg to strengthen partner relations

The Belarusian Universal Commodity Exchange (BUCE) and Saint Petersburg International Mercantile Exchange (SPIMEX) are intent to strengthen partner relations in both the exchange of experience, information and technologies and implementation of joint projects. The relevant agreement was reached during a meeting between Aleksandr Osmolovsky, Chairman of the Board of the Belarusian Universal Commodity Exchange, and Aleksei Rybnikov, Chairman of the Board of the St. Petersburg International Mercantile Exchange, on 24 January, BelTA learned from the BUCE press service.

The parties discussed the current situation and key trends in the commodity exchange markets of Belarus and Russia, the main achievements of BUCE and SPIMEX in 2021 and prospects for the intensification of inter-exchange cooperation in 2022.

The focus of the talks was on the role of commodity exchanges in the economies of the countries, in particular in developing competition, setting objective prices for strategic raw materials and ensuring efficient export of finished products. In this regard, BUCE Chairman Aleksandr Osmolovsky emphasized the significant economic effect gained by Belarusian companies, which regularly used the exchange mechanism in their activities over the last year.

“Belarusian bidders' economic effect reached Br640 million in 2021. This amount included additional revenue of exporters, who were able to sell their goods at a higher price thanks to the exchange, and funds saved by Belarusian manufacturers that bought raw materials and other products on our trading platform. Thus we, on the one hand, helped to reduce the cost of Belarusian goods under conditions of a record increase in world prices for raw materials, and, on the other hand, contributed to increasing revenues from sales of domestic products abroad,” Aleksandr Osmolovsky said.

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