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How exchange trading and e-commerce have developed in Uzbekistan lately

In January and February 2022, the total volume of transactions on all trading floors of the Uzbek Republican Commodity Exchange increased by 44.7% compared to the corresponding period in 2021 and amounted to 16.0 trillion soums. At the same time, 89% of the volume of transactions fell on the exchange trading, and the rest – on e-commerce trading systems, including exhibition and fair trading, electronic public procurement, online auctions of car and mobile numbers.

At the central office of the Uzbek Republican Commodity Exchange, a press conference was held with the title of  “Results and prospects for the development of exchange trading and e-commerce”.

During the event, representatives of the media were provided with detailed information on the issues of ensuring transparency and the introduction of market principles in commodity markets, the introduction of innovations in the e-government procurement and e-logistics portals, as well as other topical issues related to exchange activities.

As noted at the press conference, as part of the implementation of the Decree of the President of the Republic of Uzbekistan dated March 17, 2021 PP-5031 “On measures to further introduce market mechanisms in the processes of selling highly liquid and monopoly goods”, several new projects in the field of exchange trading and e-commerce.

In accordance with the above Resolution, the list of goods sold through open exchange auctions has been expanded, as well as access to commodity resources for all economic entities, including entrepreneurs, fair competition has increased and a modern pricing mechanism for goods has been introduced, taking into account real market conditions.

At the same time, in May 2021, the Uzbek Republican Commodity and Raw Materials Exchange, as the operator of the electronic public procurement system, launched a new single portal xarid.uzex.uz in order to increase transparency and create additional convenience in the public procurement system.

This portal combines all types of public procurement and introduced a single classifier of goods and services, reflecting all the parameters of goods. This, in turn, facilitates the placement of lots on the portal and helps to reduce the problems associated with the delivery of low-quality goods by customers.

Customers and participants in public procurement can also go through a one-time online registration on a single portal of public procurement and use a single personal account in the settlement and clearinghouse of the exchange.

The total volume of transactions concluded in January-February 2022 in the electronic public procurement system xarid.uzex.uz increased by 2.2 times compared to the corresponding period in 2021 and amounted to almost 1.7 trillion soums. At the same time, savings from budget and corporate clients increased by 44.5% and amounted to 222.4 billion soums.

In order to introduce new trading instruments for exchange trading, as well as to create an electronic logistics trading portal, in which services for the transportation of goods by road are digitized on the principles of a transparent queue, Decree of the Cabinet of Ministers of the Republic of Uzbekistan No. 777 was adopted on December 27, 2021.

In accordance with this resolution, the electronic logistics trade portal e-logistika.uzex.uz, launched last year, is being improved in order to ensure transparency and create healthy competition in the field of freight transportation of goods sold at exchange auctions.

Currently, transportation of goods sold at exchange auctions by road is carried out through this portal in the order of an auction for a decrease. To do this, customers and carriers go through online registration in the electronic system for participation in electronic trading and make advance payments to the clearinghouse of the exchange.

The customer, in order to use the service of transportation of products purchased at the exchange auction, places an ad on the portal independently or through a dispatcher agent. In turn, the carriers make their proposals for the announcement posted on the portal through their account.

Within 24 hours after the deadline for accepting offers from carriers, the customer reviews the received offers from carriers and chooses the most suitable one for himself. The carrier that offered the lowest price among the eligible bids is automatically determined by the electronic system as the winner, and a contract is concluded between the customer and the winning carrier.

Shipment of goods sold through exchange auctions is carried out according to the principle of “transparent queue” taking into account the sequence of payments made. Buyers can track the movement of goods in real-time using GPS trackers installed on vehicles.

In turn, the Antimonopoly Committee, together with the Ministry of Transport, can monitor the bidding process for the transportation of exchange goods on the portal, exchange the necessary information, identify unscrupulous carriers and apply appropriate measures to them.

Currently, 799 carriers, 2,235 vehicles and 626 customers are registered online on the portal, and more than 800 contracts worth more than 1.5 billion soums have been concluded.


Source: review.uz