Commodity exchanges of Belarus, Pakistan to intensify cooperation
Representatives of the Belarusian Universal Commodity Exchange (BUCE) and the Pakistan Mercantile Exchange (PMEX) held online negotiations to discuss cooperation in exchange trading on the spot and derivatives markets and mutually beneficial joint projects in these areas, BelTA learned from the press service of BUCE.
During the negotiations, the parties pointed out that the two exchanges can complement each other, opening up great prospects for the exchange of best practices. As a futures exchange, PMEX is particularly interested in BUCE's practices of organizing and conducting spot exchange trading, which involves immediate payment and delivery of goods in case of a transaction. BUCE specializes in the spot market and seeks futures contracts, which are one of the effective ways to hedge price risks of exchange trade participants. The matter of settlements of exchange transactions, including the use of various financial mechanisms of securing obligations, is relevant for both parties.
In order to create a legal basis for further cooperation, BUCE and PMEX consider the possibility of signing a memorandum between the exchanges. It will define the key tasks, principles, directions and forms of their joint work.
Summarizing the results of the online meeting, Aleksandr Bashliy, Head of Foreign Economic Relations at BUCE, reaffirmed the commitment to discussing any issues of interest for Pakistan in more detail. He emphasized that the inter-exchange interaction should contribute to trade and economic relations and, as a consequence, help increase trade between Belarus and Pakistan.
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.