Kazakhstan, China launch digital platform for grain trade

Kazakhstan and China have launched a joint digital platform designed to facilitate online trade in grain and other agricultural products, Kazakhstan’s Ministry of Agriculture said.

The platform is based on China’s National Internet Grain Trading Platform, which brings together about 50,000 agricultural enterprises. It will allow companies from Kazakhstan and China to conclude transactions online, establish direct contacts with potential partners and conduct trades without intermediaries, Kazakh media reports.

The initial range of products offered through the platform will include grain and oilseed crops such as wheat, rapeseed, flax and soybeans, as well as vegetable oil and products from the fats and oils industry.

Several trading mechanisms will be available, including open auctions, invitation-only bidding, direct negotiations and sales at fixed prices. The platform will also provide guarantee mechanisms, online financial settlements, independent inspection and procedures for resolving disputes.

The Ministry of Agriculture said 35 Kazakh companies had already registered on the platform.

By Tamilla Hasanova