Other BriefingsUAE To Assist Belarus To Develop Middle East Trade
The UAE Embassy in Belarus will assist the Belarusian Universal Commodity Exchange (BUCE) in the development of exchange trade with the countries of the Middle East, North Africa and Asia. This agreement was reached following the meeting between Ambassador Extraordinary and Plenipotentiary of the UAE to Belarus Ibrahim Salim Mohamed Almusharrekh and the management of the Belarusian Universal Commodity Exchange.
The agreement is significant as the UAE has applied for a Free Trade Agreement with the Eurasian Economic Union, which includes Belarus along with Armenia, Kazakhstan, Kyrgyzstan and Russia.
The matters discussed included not only informational support but also practical assistance in attracting representatives of the Emirati business to the Belarusian exchange platform. “In order to work effectively in the UAE market and the Arab world in general, you need to know the local mentality, legislation, principles of business communication and many other details that can play a crucial role in establishing long-term trade relations. In this matter we are ready to offer you our help and expertise. Moreover, we will recommend Emirati businessmen to use the BUCE platform as a reliable and safe option for trade with Belarusian enterprises” Almusharrekh said, adding that “Cooperation with our companies will open the widest opportunities to promote Belarusian goods to North Africa and Asia. I think this is a very promising export destination for Belarusian traders.”
Chairman of the Board of BUCE Aleksandr Osmolovsky confirmed the interest in establishing close cooperation with the embassy in all these areas. According to the head of the Belarusian commodity exchange, such partnership will promote the growth of exchange trading participants from the UAE and other MENA countries, thereby creating favorable conditions to intensify trade in bilateral and multilateral formats.
“Our common strategic goal is to increase the trade between Belarus and the UAE, therefore I propose to achieve it by joint efforts. I am confident that by combining your deep understanding of the specifics of doing business in the Middle East and our long experience in exchange trading, we will provide the necessary synergy effect, which will bring trade and economic cooperation between our countries to a higher level. We are always open for dialogue and ready to become a reliable partner both for the embassy and each UAE company that decides to use our tools. After all, when you receive an electronic digital signature key to participate in trading, you, in fact, get a key to access the Belarusian exchange commodity market, which is almost 25,000 companies from all sectors of the economy,” Osmolovsky said.
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. As of 1 April 2023, BUCE accredited 14 companies from the UAE. The main volume of transactions in 2022-2023 came from wood products and petrochemicals.
Belarus main exports are agricultural produce, fertilizers, and farming equipment.
Dezan Shira & Associates maintain an office in Dubai and can assist Belarussian companies into the region. For assistance, please email Maria Kotova at dubai@dezshira.com
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Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
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