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Free economic zones of Uzbekistan to sell their products through exchange

Business Materials 27 July 2020 18:00
Free economic zones of Uzbekistan to sell their products through exchange

BAKU, Azerbaijan, July 27

By Ilkin Seyfaddini - Trend:

The Uzbek Republican Commodity and Raw Materials Exchange (UZEX) has signed memorandum with the administrations of Jizzakh and Kokand Free Economic Zones (FEZ), Trend reports with reference to UZEX.

According to memorandum, FEZ residents will sell their products through the use of market instruments of exchange trade and e-commerce.

The reached agreements provide for establishment and development of mutually beneficial trade and economic relations with FEZ Directorate, creation of favorable conditions for promotion of FEZ resident enterprises' products to domestic and foreign commodity markets through trade platforms of Uzbek Republican Commodity Exchange.

In particular, UZEX implemented a specialized trading platform for FEZ enterprises on it's system (yarmarka.uzex.uz).

On the specialized trading platform, the enterprises will be able to sell their products online at market value, which significantly expands the range of their buyers and the geography of delivery.

At the same time, online trading can be carried out with the use of electronic digital signature, which reduces transaction costs. In the future, it is also planned to integrate the project with the system of electronic public procurement.

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Follow author on Twitter: @seyfaddini

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