Belarus and India are intensifying mutual supplies of goods through the Belarusian Universal Commodity Exchange, BelTA learned from the BUCE press service.
Belarus and India need to work together to remove barriers that hinder the development of exchange trade between the two countries. These include the limited range of goods traded under exchange contracts, the small number of Indian companies participating in exchange auctions, and the lack of information about how the exchange mechanism can be used. Solving these issues should give a new impetus to bilateral cooperation in the exchange sector and positively influence the momentum in Belarus-India trade. This opinion was expressed by Yaroslav Kovalchuk, Head of BUCE’s Foreign Economic Activity Department, during his presentation of the exchange platform at the India-Belarus business forum “India, Belarus. Export, Import, Investment” held at the World Trade Center in Mumbai.
“Only the consolidation of efforts and systematic, coordinated work by all stakeholders will allow our countries to make a qualitative leap in strengthening exchange-based cooperation. This should not be a series of one-off actions, but a comprehensive set of measures aimed at addressing such important tasks as attracting Indian businesses to the Belarusian exchange platform, developing and bringing new product categories to trading, ensuring smooth settlements for transactions, and building optimal logistics,” Yaroslav Kovalchuk emphasized.
According to the BUCE representative, a total of 16 Indian residents are currently accredited on the exchange, acting both as sellers and buyers. In particular, coniferous sawn timber and flax fiber are supplied to the Indian market through BUCE, while Belarus imports unspun wool and spare parts for textile equipment.
“Since the beginning of the year, the total value of exchange transactions made by Indian companies on our platform has amounted to around $2.5 million, which indicates significant potential for increasing trade volumes. Both directions, imports and exports, are promising. For example, it would be reasonable to establish supplies of Belarusian vegetable oils, feed additives, sugar, and synthetic fibers to India, while Belarus would be interested in chemical products, metals and metal goods, polymers, textile raw materials, and juice concentrates,” Yaroslav Kovalchuk noted.
In addition to participating in the business forum, the visit to Mumbai included negotiations with the leadership of the Indian Chamber of Commerce and Industry regarding assistance in accrediting small and medium-sized enterprises on BUCE. Individual meetings were also held with several Indian companies that expressed interest in the Belarusian exchange market. One company announced its intention to become a BUCE broker.
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.