BUCE, Istanbul Commodity Exchange to liaise within BRICS

Belarus and Turkiye intend to use their status as BRICS partner states to develop cross-border exchange trade in bilateral and multilateral formats – as agreed upon by First Deputy Chairperson of the Board of the Belarusian Universal Commodity Exchange (BUCE) Olga Gorelik and the President of Istanbul Ticaret Borsası (ISTIB), Ali Kopuz, sb.by reports with reference to the BUCE press service

The meeting took place at the ISTIB headquarters in Istanbul on the eve of the official opening of the International Multi-industry Exhibition MUSIAD EXPO. During the talks, Ali Kopuz stressed that the high level of diplomatic, trade and economic dialogue between Belarus and Turkiye should be projected onto the stock exchange sector, where there are ample opportunities for fruitful co-operation in the interests of both sides.

“I am sure that the recent accession of Belarus to the BRICS community as a partner state will help strengthen business contacts both with individual countries and within the framework of the association as a whole, which will give a new impetus to inter-exchange co-operation. In light of this, we confirm our interest in working with BUCE on all relevant aspects of the bilateral and multilateral agenda," the ISTIB President said.

Olga Gorelik expressed gratitude to her Turkish colleague for the willingness to intensify co-operation, noting that Turkiye entered the top ten countries in terms of the amount of transactions on the Belarusian stock exchange by the end on October 2024.

“In January-October 2024, the exchange turnover of Turkish companies exceeded $17m, or was 2.5 times more than in the same period of 2023. The growth was achieved due to several products. Belarusian lumber, sugar, wheat gluten, milk powder, ferrous scrap, and flax fibre were supplied to Turkiye, while polyester yarn and fibres in demand in the textile industry of Belarus were imported. I have no doubt that, with the support of the Istanbul Commodity Exchange, we will be able to supplement this list with new promising positions, primarily in the agro-industrial complex,” Ms. Gorelik stressed.

As of November 1st, 2024, 102 Turkish residents were accredited to BUCE. Since the beginning of the year, their number has increased 1.5 times.