Uzbek Commodity Exchange opens first foreign platform in Almaty

Business Materials 7 November 2018 15:08 (UTC +04:00)

Baku, Azerbaijan, Nov. 7

By Fikret Dolukhanov – Trend:

The first foreign trading platform of the Uzbek Commodity Exchange (UZEX), connected to the electronic system of exchange trading, has begun operations in Almaty, Kazakhstan, the UZEX said in a message.

The platform has been opened as part of the implementation of the presidential decree of Uzbekistan and the cooperation agreement signed between UZEX and the ETS commodity exchange in Almaty. UZEX’s trading platform in Almaty has been established by the Kazakh brokerage company Alta & K, which is also accredited by UZEX as the first foreign brokerage company.

Alta & K, together with UZEX, is currently attracting both Kazakh and Uzbek companies to the exchange trading.

At the initial stage, the trading platform will serve for the sale of Uzbek highly liquid goods, including polyethylene, polypropylene, cotton and non-ferrous metals, as well as for import of grain crops, coal and cement to Uzbekistan.

The decree of the president of Uzbekistan “On measures for the further liberalization of trade and the development of competition in commodity markets” extends the customs privileges on certain types of goods (coal, cement, cement clinker, asbestos, building glass, timber and lumber) until Jan. 1, 2020.

The tax on income of brokerage firms of commodity exchanges, which will be implemented since Jan. 1, 2019, has also been reduced.

In January-September 2018, the trade turnover between Uzbekistan and Kazakhstan amounted to $2,136.4 million, of which $1,039.8 million accounted for exports from Uzbekistan, and $1,096.6 million accounted for imports from Kazakhstan.


Follow the author on Twitter: @FDolukhanov