ASHGABAT, Turkmenistan, Dec. 16
By Huseyn Hasanov– Trend:
Several documents have been approved in Turkmenistan regarding exchange trading on the sale of products of various fields, Trend reports referring to a published presidential decree.
This includes the sale of products of the oil and gas industry, the agricultural sector and the industrial sector in foreign countries.
In accordance with the decree, industry control councils were created and their composition was approved.
The relevant departments are required, together with the Turkmen State Commodity and Raw Materials Exchange (SCRME) and the Ministry of Justice, to submit proposals on the necessary changes and additions to national legislation within a month.
SCRME established in 1994 regulates export-import operations. In addition to the main function of an intermediary and a wholesale market organizer, the exchange is also responsible for monitoring the compliance of the set prices for goods, based on their prime cost, the state registration of concluded foreign trade contracts and contracts within the Turkmen domestic market.
Presently, domestic products are being sold at the exchange trades. The products are exported to more than 40 countries, including Turkey, China, Russia, the UAE, Iran, Germany, the US, the UK, Ukraine, Switzerland.
Oil products, cotton fiber, local textile goods and chemicals are mainly exported by Turkmenistan.
Businesses and organizations of all ownership types, residents of Turkmenistan and other countries can participate in the exchange trading by acquisition of a broker place or signing the service contract with exchange brokers.
A working meeting dedicated to the issues of improving the activity of the SCRME has been recently held in Ashgabat; Turkmen President Gurbanguly Berdimuhamedov instructed to study the issue of changing the organizational and legal form of SCRME and the formation of a joint stock company.
Prices for some products put up for auction change daily and are set in accordance with the international quotations; for cotton in accordance with Liverpool’s Cotton Outlook news agency and for oil products in accordance with Platts news agency.