BUCE, Indian Chamber of International Business agreed on areas of joint activity

The Belarusian Universal Commodity Exchange (BUCE) and the Indian Chamber of International Business (ICIB) have agreed on a preliminary list of areas of co-operation for the development of exchange trade between the two countries, sb.by reports with reference to BUCE press service

The parties plan to focus their main attention on attracting representatives of the Indian business community to the Belarusian exchange platform to carry out import and export transactions with goods in demand in both countries: lumber, flax fibre, synthetic yarns and plastic products for India, and rice, food raw materials, fruits, vegetables and cotton yarn for Belarus. In addition, the possibility of ICIB accreditation as a stockbroker is being considered, which will allow this organisation to trade at BUCE on behalf of other Indian companies, primarily ICIB members. Such agreements were reached following a meeting between Olga Gorelik, the First Deputy Chairperson the BUCE Board, and ICIB CEO Manpreet Singh at MUSIAD EXPO in Istanbul.

According to Ms. Gorelik, the Indian market can play a key role in the development of Belarus' exchange trade with South Asian countries, becoming an ‘outpost’ of BUCE in this region. “We started to seriously study the Indian market not so long ag, but have already achieved certain results. Four companies from India are accredited at the exchange, and one of them signed the first deal to buy lumber in early November. Taking into account the demand for domestic saw products from Indian consumers, we would like to scale this direction and put export sales on stream. ICIB's assistance will undoubtedly simplify this task for us,” she said.

The parties also discussed the prospects of using the exchange mechanism for the supply of Belarusian flax fibre to India. Actually, the leading manufacturers of this product are accredited at BUCE, and this will be an advantage for Indian importers. At present, flax fibre is exported through the exchange to only one country: Turkiye. In November, three pilot deals were concluded for a total volume of 53 tonnes.