Pakistan Mercantile Exchange (PMEX), the country’s first and only multi-commodity futures exchange, signed a Memorandum of Understanding (MoU) with Uzbek Commodity Exchange (UzEx) at its head office in Karachi. Mr. Ejaz Ali Shah, Managing Director of PMEX and Mr. Badriddinov Ziyoviddin Bositovich, Chairman of the Board of UzEx, were the signatories.
The MoU aims at seeking closer cooperation between the two exchanges. The MoU would pave way for both Exchanges to work in close coordination for the development and enhancement of derivatives and financial markets in Pakistan and Uzbekistan by sharing best global practices, market information, industry knowledge, and cross-training of staff.
Commenting on the occasion, Mr. Shah said, “The Exchange is pleased to sign the MoU with UzEx. Spot trading of agriculture commodities is the forte of UzEx. As PMEX embarks upon the trading of agriculture commodities, we look forward to capitalizing upon the UzEx expertise. We are confident that this collaboration will facilitate us in attaining greater synergy by sharing each other’s strength, knowledge, and experience.”
Mr. Bositovich, speaking on the occasion said, “Uzbek government positively evaluates the beginning of mutually beneficial cooperation between the Uzbek Commodity Exchange and the Pakistan Mercantile Exchange. We strongly believe that a signed MoU will be served as a starting point for exchanging experience in implementing exchange tools and technologies. Our partnership will also ensure the growth of trade volume between our countries.”
Over the years PMEX has signed MoUs with five leading exchanges of the world namely: Borsa Istanbul, Izmir Commodity Exchange (ICE), Dubai Gold & Commodities Exchange (DGCX), Iran Mercantile Exchange (IME), and Dalian Commodity Exchange.