BUCE invited Ethiopian companies to take advantage of exchange trade

07/10/2023

The possibilities of using the exchange mechanism to boost mutual trade between Belarus and Ethiopia were presented during the meeting with an Ethiopian business delegation held at the Belarusian Chamber of Commerce and Industry headquarters in Minsk.

Addressing the representatives of the Ethiopian business community, Alexander Bashliy, head of foreign economic relations at the Belarusian Universal Commodity Exchange (BUCE), highlighted the key advantages of the exchange trading platform, explained the accreditation and participation procedures, indicated major commodity groups currently traded on BUCE, and told about the available tools for monitoring the execution of exchange transactions.

“The exchange oversees every transaction from start to finish making sure that both the parties fulfill their obligations in time and in full. Besides, any participant of the trades is free to use BUCE’s escrow accounts for settlements under exchange contracts. In this case, the risk of non-payment or non-delivery of goods is next to zero,” BUCE representative stressed.

Alexander Bashliy also provided a list of promising commodities that could serve as a basis for export-import transactions between Belarusian and Ethiopian companies.

“If we talk about imports from Ethiopia, then first of all, these are, of course, agricultural products such as coffee, soybeans and cereals. All this is in demand in Belarus, especially since our trading platform provides direct access to some of the largest agro-industrial enterprises that are usually interested in expanding their procurement sources. As far as the export of Belarusian goods to Ethiopia is concerned, it is worthwhile focusing on dairy products and more specifically skim milk powder and whey. Our electronic marketplace has brought together all the leading manufacturers of these products. They have experience of cooperation with African countries and are ready to work in the Ethiopian market,” BUCE;s head of foreign economic relations said.

Currently, there are 6370 foreign companies from 70 countries registered on BUCE. Residents of Ethiopia have not participated in exchange trades yet.

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Personal data processing policy

1. Personal data processing policy (hereinafter – Policy) regulates the legal relationship between the Belarusian Universal Commodity Exchange (hereinafter – BUCE) and the User (a capable individual aged 18 and above who wants to order services or leave feedback) regarding personal data processing. Personal data means any information related directly or indirectly to a specific or identifiable individual (citizen). Personal data processing means any action (operation) or a set of actions (operations) with personal data performed using automation tools or without them. Such actions (operations) include but are not limited to: collection, receipt, recording, systematization, accumulation, storage, clarification (updating, editing), extraction, use, transfer (distribution, provision, access), depersonalization, blocking, deletion, and destruction of personal data.

2. The User agrees to this Policy by entering their e-mail address and phone number in special fields in the feedback request form available on the BUCE website and then clicking the “Submit” button. When performing these actions, the User sends BUCE their e-mail address and phone number for further communication purposes.

3. By providing their personal data, the User agrees to have these data processed (until the User decides to withdraw their consent to processing of such data) in order to provide the User with advertising and reference information as well as other purposes in accordance with clause 4 of this Policy. When processing personal data, BUCE shall act in compliance with the Law of the Republic of Belarus of November 10, 2008 No. 455-3 “On Information, Informatization and Information Protection” taking into account the provisions of the General Data Protection Regulation of the European Union of April 27, 2016, the Law Of the Republic of Belarus of May 10, 2007 No. 225-3 “On Advertising” as well as local regulatory documents.

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5.1. further communication with the User;

5.2. advertising and awareness raising activities;

5.3. promotion of goods and services;

5.4. surveying and polling;

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7. Disclosure of personal data in accordance with reasonable and applicable requirements of the legislation of the Republic of Belarus shall not be deemed a violation of this Policy.

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