The Zimbabwe Mercantile Exchange (ZMX) has signed a Memorandum of Understanding (MoU) with Russia's Saint Petersburg International Mercantile Exchange (SPIMEX) to strengthen cooperation in commodity market development and international trade.
The agreement, signed on Monday, is aimed at enhancing collaboration between the two commodity exchanges through knowledge sharing and the development of commodity markets, as Zimbabwe seeks to expand its participation in international commodity trading.
ZMX announced the signing on its official social media platforms, describing SPIMEX as Russia's largest commodity exchange.
The latest agreement adds to ZMX's growing network of international partnerships designed to improve market access, strengthen commodity trading systems and facilitate cross-border trade.
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In October last year, ZMX signed a similar MoU with the Lagos Commodities and Futures Exchange (LCFE) of Nigeria during a virtual ceremony attended by regulators, trade officials and market operators from both countries.
That agreement was intended to promote structured, transparent and technology-driven commodity trading between Zimbabwe and Nigeria while supporting the objectives of the African Continental Free Trade Area (AfCFTA).
At the time, ZMX chief executive officer Collen Tapfumaneyi said the partnership would improve liquidity, price discovery and market access for farmers and agribusinesses by creating a transparent trading ecosystem.
The framework also outlined plans to integrate warehouse receipt platforms, develop standardised commodity contracts, strengthen institutional capacity through technical exchanges and pilot cross-border trade involving Zimbabwean maize exports and Nigerian rice exports.
ZMX also indicated last October that it was pursuing similar cooperation agreements with commodity exchanges in Malawi, Zambia and Tanzania. Those agreements had been signed earlier but had yet to be fully implemented due to the absence of harmonised trading standards across the participating markets.
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