Commodity exchanges of Belarus, Mongolia sign memorandum of cooperation
The Belarusian Universal Commodity Exchange (BUCE) and the Mongolian Commodity Exchange (MCE) have signed a memorandum of cooperation.
The signing ceremony took place at the BUCE central office during the visit of the MCE delegation to Minsk. The document was signed by the heads of the Belarusian Universal Commodity Exchange and the Mongolian Commodity Exchange.
According to the memorandum, the key areas of cooperation between BUCE and MCE include:
- exchange of experience, information and technologies,
- assistance in establishing direct contacts between economic entities of the two countries,
- holding business events,
- creation of favorable conditions for Belarusian and Mongolian companies to participate in exchange trading,
- implementation of joint projects aimed at strengthening trade and economic relations between Belarus and Mongolia.
According to Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky, despite all their differences, the Belarusian and Mongolian exchanges are similar in many respects, as they solve the same tasks important for the state and the economy:
- they ensure market pricing of raw and non-raw commodities,
- stimulate business activity,
- increase the efficiency of procurement, and
- promote export growth.
“I would like to emphasize that you and I have no closed topics. We are ready to cooperate in any areas – from consultations and training of specialists to technology transfer and adaptation of our software products for your purposes, taking into account the specifics of the Mongolian market. By signing the memorandum, we have made the first step. We have confirmed our shared interests and our desire to work together. Now we need to move forward and translate our agreements into practical terms,” the BUCE head said.
Aleksandr Osmolovsky also invited his Mongolian colleagues to cooperate in a multilateral format within the International Association of Exchanges (MAB), where the BUCE holds membership. This would help the MCE to maintain close contact with the leading exchange platforms of the Eurasian region and take an active part in cooperation projects implemented under the auspices of the MAB.
Following the visit of the MCE delegation to the BUCE, the parties plan to develop a cooperation roadmap with a list of specific activities, which will become the basis for further cooperation between the commodity exchanges of Belarus and Mongolia.
