Belarusian Commodity Exchange runs trial auctions in rapeseed oil as part of the formation of a common exchange market for EAEU goods

On July 21, 2022, the Belarusian Universal Commodity Exchange (BUCE) ran trial auctions in rapeseed oil as part of the measures to form a common exchange market for goods of the Eurasian Economic Union (EAEU) by 2025. As a result of trading, 4 deals were made, and representatives of Belarus, Russia and Kazakhstan took part in the test trading session.

BUCE demonstrated how it all works. Non-residents from the EAEU member states were able to register for free and remotely purchase and sell rapeseed oil with the possibility of transportation through the territory of the EAEU. Transactions were settled in the national currencies of the EAEU member states. The auctions featured economic entities of the exchange of the countries of the Eurasian Economic Union. Representatives of government bodies and the Eurasian Economic Commission acted as observers.

The trial auctions made it possible to test the terms of trade within the framework of the first stage of the formation of the common commodity exchange market in the EAEU, which were proposed by the Belarusian side. At the second stage, pending applications of national exchanges can be sent to the international module for further search for counter-offers and registration of transactions with participants of other exchanges of the EAEU member states. Business highly appreciated the organization of trial auctions and expressed interest in participating in trading at Belarusian Universal Commodity Exchange.

The results of the trial auctions will be discussed at a meeting of the working group on the formation of the EAEU common commodity exchange market due in the autumn of 2022.

The development of the common commodity exchange market in the EAEU is envisaged in the Strategy 2025. The concept is planned to be approved by mid-2023, and the plan of action – until 31 December 2024.