Azerbaijan interested in Belarus' commodity exchange

The Belarusian Universal Commodity Exchange (BUCE) and the Embassy of Azerbaijan in Belarus will pool efforts to encourage Azerbaijani business to trade via the BUCE, Report informs via BelTA.

"One of the main goals of the embassy is to facilitate the development of trade and economic relations between the countries. This also concerns supplies of Belarusian goods to Azerbaijan and vice versa. Exchange trade gives huge advantages: it removes the need to search for business partners abroad and, more importantly, establishes a direct link between a producer and a consumer. This is why we are ready to join efforts with the BUCE to inform representatives of the Azerbaijani business about benefits of the exchange and recommend them to use this mechanism. All the more so, as there are no barriers to entering the exchange market," Ambassador Extraordinary and Plenipotentiary of Azerbaijan to Belarus Latif Gandilov said as he visited the BUCE central office.

The ambassador also supported the BUCE decision to ease the accreditation procedure for non-resident companies. He noted that such a measure concerning foreign traders would help boost exchange trade, including with Azerbaijan.

Chairman of the BUCE Board Aleksandr Osmolovsky stressed the importance of expanding the range of products sold to Azerbaijani companies via the exchange. "A total of 33 Azerbaijani companies are accredited with the exchange. Last year they carried out transactions worth $14.2 million, which was twice as much as in 2018. But it could have been three or even four times as much had they bought not only timber products, but also, for example, powdered milk, milk whey, or metalware. These products are in demand in Azerbaijan, so to my mind we do not use the exchange trade potential in full. We hope for the embassy's help in compiling the list of promising products and finding a reliable company to be the BUCE broker in Azerbaijan. We can achieve the desired results only if we work together," Aleksandr Osmolovsky said.