China's Grain Trading Platform Launches Kazakhstan Branch; Pilot Transaction of 200 Tons of Flaxseed Successfully Completed
Source: Kazakh International News Agency — The digital branch of China’s National Grain Trading Platform has officially commenced pilot operations in Kazakhstan. Currently, Kazakhstan Grain Contract Company (Kazakhstan Grain Group) has reached an agreement with Yihai (Changji) Oil & Food Industry Co., Ltd. of China to supply the first batch of 200 tons of flaxseed as a pilot transaction.
The launch of this online platform marks substantial progress in the ongoing negotiations between Kazakhstan Grain Group and its Chinese partners since last year regarding the establishment of a joint digital cooperation mechanism for agricultural product trade.
During the recent visit of Liu Huanxin, Director of China’s National Food and Material Reserves Administration, to Kazakhstan, the Kazakhstan Grain Group signed a cooperation agreement with the National Grain Trading Center under the administration. This document further clarifies both sides’ commitment to jointly promote the digitalization of grain and oilseed trade between Kazakhstan and China.
The Kazakhstan Grain Group’s Beijing Representative Office stated that this pilot transaction aims to test service functions for Kazakh users, enabling timely identification and resolution of technical issues during platform operation.
Initially, the platform will focus on trade in grains and oilseeds, including sunflower seeds, rapeseed, flaxseed, and soybeans. In the future, as import demand evolves and export capabilities of Kazakh suppliers improve, the range of tradable commodities on the platform is expected to expand further.
In terms of trading models, the platform supports multiple collaborative mechanisms, including open auctions, negotiated transactions, and fixed-price sales. To ensure contract fulfillment, the platform implements a deposit guarantee system and encourages all participants to complete fund settlements directly through the platform.
It is understood that China’s Grain Trading Platform has been operating stably for over 20 years, covering more than 50,000 agricultural enterprises within China. The integration of Kazakhstani enterprises into the platform will create favorable conditions for enhancing Kazakhstan’s agricultural exports and effectively implement the directives of the country’s head of state regarding accelerating digital development in the agro-industrial complex.
Original article: toutiao.com/article/1866902961822787/
Disclaimer: The views expressed in this article are those of the author(s) personally.