Belarus and Nizhny Novgorod Oblast will develop foreign exchange trade in agricultural products

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MINSK, May 25 (BelTA) — Belarus and Nizhny Novgorod Oblast have agreed to increase trade in agricultural products, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).

An agreement to intensify cooperation in the exchange trade of agricultural products was reached during a meeting of the BUCE delegation with Nikolai Denisov, Minister of Agriculture and Food Resources of Russia’s Nizhny Novgorod Oblast . Negotiations took place on the sidelines of the international forum Time To Export.

In order to achieve the maximum economic effect, it is planned to use foreign exchange trade to import goods from Nizhny Novgorod Oblast and to supply Belarusian products to this Russian region. In this regard, the Ministry of Agriculture and Food Resources of Nizhny Novgorod Oblast is ready to help bring grain and oilseed producers to BUCE, as well as suppliers of feed additives who are in demand on the Belarusian market. In turn, Belarusian exporters will be able to bring their products directly to consumers in Nizhny Novgorod Oblast. Currently, companies in Nizhny Novgorod Oblast mainly buy raw hides and dairy products through stock trading, but the supply of Belarusian products is gradually expanding.

According to the BUCE press service, the first steps to implement the agreements have already been taken. Following this forum, producers of soybean, rapeseed and sunflower meal, as well as major exporters of wheat, barley, corn and triticale, filed accreditation files with the BUCE. Very soon, these goods will be on sale on the stock exchange.

In January-April 2022, Belarusian companies purchased food additives and cereals worth Br 146.6 million from BUCE, up 65% year-on-year.


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