Turkmenistan eyes to optimize activities of commodity exchange

Business Materials 21 January 2020 17:39 (UTC +04:00)
Turkmenistan eyes to optimize activities of commodity exchange

ASHGABAT, Turkmenistan, Jan. 21

By Huseyn Hasanov– Trend:

The Government of Turkmenistan is studying a project titled Strategy for Improving the Activities of the State Commodity and Raw Materials Exchange of Turkmenistan (SCRME) for 2020-2025, Trend reports referring to the Turkmen Government.

The project aims to increase export potential by creating favorable conditions for the participation of Turkmen manufacturers in international trade.

The implementation of the strategy will also contribute to ensuring the effective commercial activity of enterprises, including through the use of a digital system and information networks, the "single window" principle, and the introduction of new exchange tools. The main objective of the new strategy is to increase the competitiveness of the SCRME both in the region and in the world.

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.