On May 17, President Shavkat Mirziyoyev chaired a videoconference on the issues of increasing the volume of trading on the commodity exchange and expanding the participation of local enterprises.

The commodity exchange is the basis of a market economy. Trading on the commodity exchange creates free competition, opens up new markets for entrepreneurs, helps to reduce the shadow economy and corruption.

As a result of the reforms, the trade turnover on the country’s commodity exchange has doubled over the past three years, reaching 90 trillion UZS, and the volume of goods sold has tripled.

20 trading floors of the Uzbek Commodity Exchange are established in foreign countries, through which products worth $170 million were sold in the first four months of this year. At the same time, more than 1.2 thousand foreign companies began to exhibit large volumes of products on the Uzbek Commodity Exchange. In the past, a large number of intermediaries participated in the auction. Last year, large enterprises earned an additional 8 trillion UZS thanks to transparent trading on the commodity exchange.

However, there are still shortcomings in the organization of exchange trading, expanding the participation of local entrepreneurs.

For example, 85 percent of exchange trading falls on 45 types of highly liquid goods. The share in exchange trading of textile, silk, leather and cable products, enterprises of Syrdarya, Andijan and Surkhandarya regions remains low.

The Head of the state noted the need for intensifying the participation of districts in putting local products on the commodity exchange. For example, 500,000 tons of wheat will be placed on the commodity exchange from July 1. At the meeting, instructions were given on organizing this process, registering farmers and carriers, and creating favorable conditions for them.

In particular, when placing grain on the commodity exchange, farmers will not be required to pledge. Payment for the sold goods is made by the exchange on the same day. The exchange guarantees timely and complete receipt of payments to the farmer.

“This is a good opportunity to expand the presence of districts on the exchange”, Shavkat Mirziyoyev said.

Today, only 3.6 thousand out of more than 45 thousand local industrial enterprises place their products on the commodity exchange. Of course, this is very little. In this regard, the procedure for listing local products on the commodity exchange will be simplified.

In particular, from July 1, a separate section of promising goods will be created on the exchange, where local entrepreneurs will be able to sell their products without additional documents. Then the best-selling goods will be placed on the main trading floors of the exchange. The procedure for registering entrepreneurs will be introduced simultaneously with state registration.

Another convenience will be the reduction of the exchange commission for the products of local entrepreneurs by 2 times. During the tax control, no additional checks will be carried out on goods sold or purchased by entrepreneurs through the commodity exchange. It was noted that using such opportunities, it is possible to double the turnover on the commodity exchange. In particular, huge reserves in the chemical, oil and gas, metallurgical, textile and food industries were noted.

The main attention was paid to increasing the volume of export-import trade on the commodity exchange. Measures have been identified to simplify the relevant procedures.

At the meeting, several tasks were set to assist entrepreneurs who wish to participate in exchange trading, to train specialists in the sector.

Heads of industries and regions reported on plans to expand trading on the commodity exchange. 

Source: UzA