International Commodity & Futures Exchange Combining Russia, Kazakhstan, Uzbekistan, India, Iran & China Launched

Multiple Eurasian commodity and futures exchanges have signed a declaration on establishing the International Association of Commodity and Futures Exchanges. This new association is intended to become a platform for interaction among commodity and futures exchanges from EAEU+, SCO, and BRICS+ countries. This will enable coordinated policies for developing organized commodity markets.

Participants include the St. Petersburg International Mercantile Exchange (SPIMEX) and the Belarusian Universal Commodity Exchange(BUCE), the Eurasian Trading System Commodity Exchange (Kazakhstan), the Uzbek Republican Commodity Exchange, India’s National Commodity and Derivatives Exchange (NCDEX), the Iran Mercantile Exchange (IME), and the Xinjiang Asia-Europe International Trade Center (China).

A statement issued by BUCE said, “Special attention is planned for cross-border exchange trade, as well as implementing a project to create an international price agency. This new agency will form a system of fair and independent price indicators for key commodities.”

Combined, these exchanges have an annual estimated turnover of about US$40.7 billion.