EEU to create Eurasian online commodity exchange for Silk Road

07.06.2017 09:07 / Russia / Belarus / Kazakhstan / Armenia / Kyrgyzstan

MINSK – An online commodity exchange in the framework of China’s Silk Road initiative will be established in the Eurasian Economic Union (EEU, comprises Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan) on the basis of the Eurasian Cooperation universal commodity exchange.

The Eurasian Economic Commission (EEC) issued a press-release to this effect.

As China’s Silk Road initiative and the EEU reach the stage of intensive development, they create more opportunities for synergy, says EEC Minister for Economy and Finance Timur Zhaksylykov as he touts the Eurasian Cooperation universal commodity exchange as a two-in-one solution for conducting commodity exchange and multi-currency clearing transactions.

The total value of transactions (mostly between Russia and Kazakhstan) at the Eurasian Cooperation universal commodity exchange reached RUB4 billion in 2016, to compare with RUB6 billion in Jan-May 2017.

Source: PRIME-TASS
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