SCO commodity exchanges set priorities for co-operation
The international forum of commodity exchanges of the Shanghai Co-operation Organisation member countries – Platforms for Co-operation between China-SCO Commodity Exchanges – identified the increase in the volume of mutual exchange trading, the expansion of the list of traded commodity items and the improvement of exchange mechanisms as the priority areas of joint work, sb.by reports with reference to Belarusian Universal Commodity Exchange (BUCE)
The event – held on October 22nd in Qingdao (China) – brought together representatives of the leading stock exchanges of Belarus, Iran, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan in person and online. The participants discussed a wide range of issues related to creating favourable conditions for the development of electronic exchange trading within SCO. These include the identification and elimination of existing trade barriers and restrictions, the development of a co-ordinated customs policy, ensuring unhindered settlements on cross-border exchange transactions, and the involvement of new types of goods and their manufacturers in exchange trading.
According to Aleksei Dykusha, the head of the BUCE representative office in Shanghai, creation of a single co-operative platform for the exchange of experience, technologies and information, including up-to-date information on commodity prices, is a must-be term for establishing effective inter-exchange co-operation within the SCO space. “Among other aspects, this will make it possible to keep abreast of the situation on the SCO national markets, carry out technology transfer, share best practices and methodological developments in the field of exchange trading, as well as promptly resolve problematic issues arising in the functioning of individual exchanges and the SCO exchange community as a whole," he explained.
In January-September 2024, the BUCE exchange transactions by residents of the SCO countries (excluding Belarus) amounted to $904m, which was 3.6 times more than in the same period of 2023. Russia, China and Uzbekistan were the exchange turnover leaders in the above-mentioned period.
