Dalian Commodity Exchange (DCE) and Bursa Malaysia Derivatives (BMD) renew the “Cooperation Agreement of Jointly Organizing China International Oils and Oilseeds Conference (CIOC)” on November 6, agreeing to jointly promote the development of the global oils and oilseeds futures market. DCE CEO Xi Zhiyong and BMD CEO Ho Hock Guan sign the agreement on behalf of the two sides.
Xi says the friendly cooperation of the two exchanges has kept improving and entered into a new stage for win-win development. Over the past 14 years of cooperation, the two sides have forged deep friendship, carried out in-depth cooperation in products development, market training and personnel exchange, and established the mutual visit mechanism for high-level officials. Their capacity and level of jointly serving the global oils and oilseeds industry development have been greatly improved, and their international reputation and influence have been further increased.
He says that the “Belt and Road” Initiative of China has offered new opportunities for the opening-up and development of relevant countries, and the accelerated opening-up of the Chinese futures market has offered more spacious room for the cooperation of the two sides. In this context, renewing the cooperation agreement will undoubtedly strengthen the win-win cooperation relation between the two sides and help to advance the CIOC to a new level, thus providing the international oils and oilseeds industry and futures market with a more sophisticated, improved and valuable high-end platform.
Ho Hock Guan says that some products of DCE and BMD like RBD palm olein are of high relevance, and their cooperation is win-win and favorable for consolidating their market positions. Renewing the agreement with DCE will cement their closer bilateral cooperation relationship and bring more benefits to the development of their futures markets.
He points out that China is the largest trading partner of Malaysia for 10 consecutive years and the second largest Malaysian RBD palm olein importer. And their cooperation will contribute to the bilateral trade of the two countries.
DCE and BMD signed the Memorandum of Understanding in April 2006, agreeing to cooperate in products development, information exchange, training and education and to increase their position and influence in the international oils and oilseeds futures market and relevant industries. They signed the “Cooperation Agreement of Jointly Organizing China International Oils and Oilseeds Conference” afterwards and organized the 1st CIOC in Beijing in October 2006. Later, as authorized by Bursa Malaysia, DCE and BMD renewed the agreement in 2010, 2013 and 2016 successively.