OREANDA-NEWS. December 1, 2011. The new law on state procurement may be launched in Belarus on January 2, 2012, Nikolai Tarasov of Belarus’ Universal Commodity Exchange told reporters Tuesday.

The bill has not been forwarded to parliament yet, but it is presumed to take effect starting December 1, 2011, Tarasov said.

The new bill reduced the number of procedures involved in the process of state procurement, which will be based entirely on e-auctions with e-bidding, Tarasov said.

The new process is expected to make an active use of e-documents and digital signatures.

E-bidding at e-auctions may result in reducing the initial price by 50%, BUCE Board Chairman Arkadi Salikov told reporters Tuesday.

According to Salikov, being a useful mechanism for state procurement, e-auctions will become a standard practice in Belarus starting early January 2011. Up to 80% of commodities subject to state procurement will be obtained through e-auctions starting next year, he said.

Belarusian Universal Commodity Exchange invested around Br1 billion (USD 114,000 at the NBB rate) to facilitate state procurement via e-auctions.

Belarusian Universal Commodity Exchange OJSC was registered by Minsk City administration on May 25 2004. Its founders are the Belarusian Material Resources Concern, national company Beltorginfoservis, Savings Bank Belarusbank OJSC, Beleximgarant export-import insurer.

The state holds a 98% stake in the BUCE statutory capital.

The list of commodities that can be traded at the mercantile exchange includes timber, farm products, industrial and consumer goods.

Belarusian Universal Commodity Exchange in March 2011 became a full member of the Association of Future Markets (AFM).