The International Pepper Community (IPC) has evinced interest in the online app-based e-commerce platform developed by India Pepper and Spice Trade Association (IPSTA) for trading of black pepper.
A high-level delegation of IPC member countries from Malaysia, Indonesia, Vietnam and Sri Lanka visited IPSTA with Spices Board officials and held a meeting on the online app-based e-auction platform.
IPC is interested in the app and have suggested to IPSTA that a country-wise app-based e-auction trading platform coupled with a unified and integrated dollar-denominated app for international buyers and sellers should be developed. The delegates were impressed by the features of the software and IPC invited IPSTA to make a presentation at the ensuing IPC meet in Colombo.
Trading on delivery basis
The concept of spot trading for pepper through online mechanism was explained to the delegation who were enthusiastic to know more and were interested in implementing the similar spot trading of pepper with the assistance of IPSTA, a press release said.
The 66-year-old IPSTA is the oldest future exchange for pepper trading. Currently, it has launched an online app based e-auction platform for trading in pepper on delivery basis. Since it is a good price discovery system of the spot market and various grades of pepper are acceptable within the parameters prescribed duly approved by an independent assayer (Testing Agency), the trading has been launched.
Roadshows were conducted in Wayanad and in Kodagu before the launch where local farmers, planters, interstate dealers enrolled to participate in the spot trading. So far 46 members have registered onboard and it is expected that the trading could pick up faster once the market stabilises. IPSTA is planning a second road show in Idukki which will be completed before Onam festival.