Wealleco proposed amendments to the national export support project "International Cooperation and Export

Anton Novikov, General Director of Ecomuvex LLC, Wealleco brand, made proposals for introducing a number of amendments to the national project for export support. The relevant proposal was voiced on September 24, 2020 on the platform of the Public Chamber (PC) of the RF within the framework of the round table to discuss the implementation of the national project "International Cooperation and Export".

Wealleco is a commonwealth of Russian exporters, producers of environmentally friendly and innovative products. That is why the main task is to represent the interests of the members of this commonwealth in the international market.

"The main purpose of the proposed amendments is to eliminate distrust between Russian companies and potential buyers in foreign markets: foreign partners are willing to work by letter of credit, while Russian companies will agree to a deal only on the condition of prepayment. So, this distrust kills 95% of all conversions at Alibaba.com, which means that by solving this problem you can increase exports many times over", - explained the company.

The main initiative at the moment is the creation of a trust fund in the person of the state to ensure the safety of international transactions.

How it works

According to the voiced proposal under the national project "International Cooperation and Export" a Guarantee Fund shall be created, which operates in addition to the "Single Window of the Exporter", the section on registration of producers and customers, where there is a deep check of all parties to the transaction. Wealleco can integrate one of the already existing blockchain ecosystems with this platform to capture registrations of all counterparties and contracts. As part of this project, a flexible smart contract is developed that is populated for each FEA transaction and ensures that the letter of credit is disclosable if all transaction terms are met and that the concluded contract cannot be changed or interpreted in any other way.

The fund as a whole secures all the risks of the two parties: in case of violation of the contract terms by one of the parties, the affected party shall receive compensation from the fund. The state, on the other hand, compensates the damage, if necessary, in the manner prescribed by law, possibly through the court from the party in breach of contract. As a result, it is highly probable that the government body receives compensation, thereby replenishing the fund's budget.

"Wealleco in its activities seeks to eliminate as much as possible those or other obstacles that prevent Russian producers from exporting their goods. In particular, there are fears about the complexity of the process, paperwork, customs procedures, and finding international partners. To address these barriers, Wealleco offers a unique solution at the moment - turnkey export, which guarantees support for the deal from the market research and customer search stage, to the final implementation, shipment, and closure of the deal," the company said.

Wealleco has already established itself as a reliable partner and exporter of unique Russian goods, while at the same time increasing its credibility. The current product portfolio ranges from natural chewing gum based on larch sulphur resin and food additives to innovative devices for the prevention and treatment of diseases and food production.

Wealleco is making every effort to contribute to the development of the Russian economy by increasing exports of non-energy raw materials, agricultural products, and services.

The accumulated experience allows the company to act as an expert at numerous discussion venues. Thus, on November 17, as a continuation of the discussion of amendments to the national project "International Cooperation and Export", general director of Ecomovex, Anton Novikov will make a presentation on topical issues related to the operation of market places within the round table of the Public Chamber of the Russian Federation. And in December 2020 Novikov will speak about the problems of logistics in the organization of export operations at the profile round table.

About company

Wealleco is a manufacturer and exporter of non-resource commodities, provides services to small and medium-sized businesses in Russia for accessing the international market, ensures the presence of goods of Russian enterprises, members of the Commonwealth of Exporters, on the largest wholesale market - Alibaba.com. In addition, Wealleco offers a number of other services: market research; marketing adaptation; retail sales on five Chinese domestic online platforms; organization of multimodal cargo transportation (export/import/domestic); legal due diligence; support for all stages of the transaction with the client; full legal support. Wealleco advantages: speed, efficiency, effectiveness, technology, safety