The Belarusian Universal Commodity Exchange (BUCE) and the Embassy of Uzbekistan in Belarus plan to establish closer cooperation in exchange trade to involve as many representatives of Uzbekistan’s businesses as possible in trading on the Belarusian exchange platform in 2025. The relevant agreement was reached during the meeting between Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Belarus Rahmatulla Nazarov and Chairman of the BUCE Board Aleksandr Osmolovsky, the BUCE press service told BelTA.
The parties identified a priority area of interaction: joint events for Uzbekistan’s business communities to discuss exchange trade both in-person and via video conferencing.
The parties believe that the main factor hindering higher growth rates of exchange trade between Belarus and Uzbekistan is the insufficient awareness of business entities in Uzbekistan about the opportunities of using exchange mechanisms in export-import activities.
"As far as I know, the total amount of transactions concluded by Uzbekistan’s participants on your platform tripled last year. This is an impressive result, but I am confident that the potential for cooperation between our countries in exchange trade is much greater. Strengthening trade and economic ties is one of the main functions of the embassy, and the exchange is directly related to this. We are ready to assist in organizing exchange seminars, conferences, and forums both in Belarus and Uzbekistan. Moreover, we will help attract companies from all regions of Uzbekistan to maximize the impact of these events," Ambassador Rahmatulla Nazarov stated.
Aleksandr Osmolovsky supported the proposal of the ambassador and emphasized the exceptional importance of Uzbekistan in terms of the exchange's international activities, including inter-exchange cooperation. "We cooperate with Uzbekistan in many areas, including exchange trading, educational services, the formation of common price indicators for exchange commodities, and interaction within the framework of the International Association of Exchanges. We have achieved practical results and positive momentum in all of these areas. It is also important to note the similarity of our countries' exchange markets, which undoubtedly simplifies work with Uzbek partners and allows us to successfully implement joint projects for the benefit of both parties," he emphasized.
As of 28 February 2025, BUCE accredited 188 Uzbekistan’s resident companies, including three exchange brokers. In January-February 2025, Uzbekistan’s participants concluded deals totaling $15.8 million, which was 1.5 times more year-on-year. Belarus-made lumber and dry milk dominated in the structure of the exchange trade between the countries.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry and agricultural products, industrial and consumer goods.
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