National Spot Exchange Ltd. (NSEL) has signed a Memorandum of Understanding with Belarusian Universal Commodity Exchange (BUCE) to allow Indian producers to explore the possibility of exporting their produce to Eastern European countries through BUCE’s network.
While BUCE would provide counter-party guarantee with respect to Eastern European buyers , NSEL would provide similar guarantee to exporters from India.
Through the combined network of NSEL and BUCE, it would be feasible for the Indian exporters and importers to transact with European buyers and sellers without any credit risk, NSEL said.
Since BUCE had members in 56 countries and more than 12,000 companies were connected with their network, this MoU would provide marketing support to Indian exporters and importers, it added.
“This will create a significant value addition for Indian importers and exporters to execute bilateral deals through Spot Exchange platform. The trades routed through the spot exchange on both sides will be totally transparent, as they will be executed through electronic platforms,” Mr Anjani Sinha, MD & CEO, National Spot Exchange, said.
“BUCE has prominent presence in the Eastern and Central Europe and clients from 56 nations and now the association with NSEL has opened the trade opportunity with South-east Asian Nations,” Mr. Arkady Salikov, Chairman of the Board of the Belarusian Universal Commodity Exchange, said.