Kazakhstan and China have launched a joint digital platform for trading grain and agricultural products. The new tool creates a direct channel of interaction between exporters and Chinese buyers, according to APK News.
The Ministry of Agriculture of the Republic of Kazakhstan reported that the first practical result of the platform's work was the conclusion of a contract for the supply of 24,000 tons of flax.
The joint platform was created on the basis of China's National Online Grain Trading Platform, which unites approximately 50,000 agricultural enterprises. It is operated by the Grain Trade Coordination Center under the National Administration of Food and Strategic Reserves of the People's Republic of China.
The new digital tool will allow companies from the two countries to conduct trade transactions online, directly interact with potential partners, and conclude deals without unnecessary intermediaries. Trade can be conducted through both competitive procedures and direct negotiations. The platform allows for open auctions, invitation-only bidding, negotiated transactions, and fixed-price transactions.
To enhance the reliability and transparency of transactions, mechanisms for guarantees, online payments, independent inspection, and dispute resolution are in place. This should make export transactions more efficient and predictable, including in terms of pricing.
Currently, 35 Kazakhstani companies are already registered on the trading platform. Initially, the platform will support trade in grains and oilseeds, as well as vegetable oil and fat-and-oil products. The list of products may be expanded in the future, taking into account demand in the Chinese market.