Kazakhstan, China launch digital platform to trade grain

ASTANA. Sept 7 (Interfax) - Kazakhstan and China have launched a joint digital platform for trading grain and agricultural products, the press service of Kazakhstan's Agriculture Ministry announced on Saturday.

According to the press service, the platform's first practical outcome was the signing of a contract to supply 24,000 tonnes of oilseed flax.

The joint platform was created based on China's National Online Grain Trading Platform, which unites approximately 50,000 agricultural enterprises, and is operated by the Grain Trade Coordination Center of China's National Food and Strategic Reserves Administration (NAFRA).

"The new digital tool allows companies from both countries to conduct trade transactions online, interact directly with potential partners, and conclude deals without unnecessary intermediaries. Trade could be conducted through both competitive procedures and direct negotiations. The platform supports open auctions, invitation-only bidding, negotiated transactions, and fixed-price deals," the press service said in a statement.

Processes are in place for guarantees, online settlements, independent inspection, and dispute resolution in order to enhance the reliability and transparency of transactions.

"This should render export transactions more efficient and predictable, including in terms of pricing," the Agriculture Ministry noted.

The press service quoted Kazakh Deputy Agriculture Minister Nazgul Khatepova as saying that 35 Kazakh companies are already registered on the trading platform.

"The platform trades grain and oilseeds, as well as vegetable oil and oilseed products at the initial stage. The product range could be expanded going forward by taking into account demand on the Chinese market," Khatepova said.