By Henok Tibebu
Ethiopian Commodity Exchange (EXC) is set to put in place, E-auction, a new electronic bidding and marketing platform,in what it said would make export trade effective, efficient and transparent.
Corporate Communication Manager of ECX Netsanet Tesfaye told The Ethiopian Herald that the design of the new system has been completed and discussed among stakeholders. In addition, sectoral members, traders and floor representatives who represent suppliers and exporters are offered with the very principle and practical training regarding E-auction
He said one of ECX’s missions is creating a modern trading system and the new electronic system is part of its efforts.
According to him, even though the former trade system was an open outcry trading platform, which was operational until the last three months, it was electronic.
“Ninety-five per cent of the export transaction in the past fiscal year was traded through this electronic system. We have traded more than 621,000 metric tons of products by the time of which coffee was more than 3002 metric ton. So, ECX aspires to modernize the trade system,” he noted.
Speaking of the difference between the old and new marketing systems, Netsanet said though based on the given standards, the old one was not that much traceable. But E-auction allows access to information not only about the place but also the particular producer or supplying company and the bead (bidding) will be held on that standard.
He noted that ECX currently has twenty-one branches and fifty-eight stores (warehouse) throughout the country. In order to enhance the new trading system, preparing secured track or vehicle parking (waiting) camps inside its stores and other rental areas would be its priority task. Thus, efforts have already begun in nine branches of major coffee trade areas.
E-auction was developed by Information Technology professionals of the ECX and it would be launched in the coming two weeks according to Netsanet.