Organic exchange planned

- Last updated on GMT

Related tags: International trade

Organic farmers in the UK will be able to trade their products on a
commodity exchange which is due to open later this year.

Organic farmers in the UK will be able to trade their products on a commodity exchange which is due to open later this year, according to reports in the British press.

The exchange, whose location is yet to be decided, will be run by trading firm TeemCo. Trading is set to begin in the third quarter of this year.

TeemCo said the operation would allow growers and producers to deal directly with wholesalers and supermarket firms. Other specialised exchanges are planned for timber and fish.

A spokesman for TeemCo said: "It provides the farming community with a level playing field from which to operate both internationally and in the UK. What this does is provide a transparent and open marketplace."

Farmers and producers who trade on the exchange will become members and will have an ownership stake.

TeemCo said that the Syngenta consulting division of UK telecom giant BT would develop the technology to run the exchange, while the logistics would be operated by P&O Nedlloyd. The renowned Swiss-based certification firm Societe Generale de Surveillance will guarantee the certification of organic status.

Related topics: Suppliers

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