Commodity exchanges from Russia, Belarus, Kazakhstan, Uzbekistan, China, India, Iran form association

MINSK. June 19 (Interfax) - The St. Petersburg International Mercantile Exchange (SPIMEX), the Belarusian Universal Commodity Exchange (BUCE), and several other exchanges from abroad signed a declaration on establishing the International Association of Commodity and Futures Exchanges during the St. Petersburg International Economic Forum), the BUCE press service reported.

The declaration was also signed by 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).

The 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, the statement said.

"In particular, special attention is planned for cross-border exchange trade, as well as implementing a project to create an international price agency. This agency will form a system of fair and independent price indicators for key commodities," BUCE said.