Contracts to be registered at SCRMET approved

By Azernews

By Kamila Aliyeva

Turkmen President Gurbanguly Berdimuhamedov signed a decree on improving the activities of the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) on June 9.

He ordered to activate work in the information and marketing sphere in order to find new channels for selling the products of the country's producers.

A list of types of foreign trade and intracorporate contracts to be registered at the state commodity and raw materials exchange was approved.

Under the document, it is permitted to enter into contracts related to the sale of goods to foreign trading houses in Turkmenistan or to the export of goods worth not more than $200,000 in national currency or equivalent value in foreign currency without participation in exchange trades.

The document also instructed the State Commodity and Raw Materials Exchange, together with the Ministry of Justice, to prepare and submit proposals to the Cabinet of Ministers in order to introduce amendments and additions to the national legislation resulting from this decree within a month.

The main body regulating export-import operations was established in 1994.

The Exchange realizes the sale of various commodity and material values, except for objects of intellectual property, works of art and real estate.

In addition to the main functions of the intermediary and the wholesale market organizer, the agency is also responsible for monitoring compliance of the established prices for goods based on their prime cost, state registration of foreign trade contracts and contracts concluded within the domestic market of Turkmenistan.

The Exchange experts assess the expediency of import and export of products, analyze the impact of various factors on the import and export of goods.

At present, domestic products are sold at exchange trades, which are exported to more than 40 countries of the world, including Turkey, China, Russia, the United Arab Emirates, Iran, Germany, the United States, Great Britain, Ukraine and Switzerland. The main export items are oil products, cotton-fiber, domestic textile products, and chemical industry.