He emphasised that the countries of the union account for nearly half of global grain production and consumption
Russian Deputy Prime Minister Dmitry Patrushev held a meeting dedicated to the creation of the BRICS Grain Exchange, as reported by the press service of the Russian Government.
During the meeting, participants discussed the options for establishing and operating the exchange, as well as mechanisms for interacting with trading platforms, producers, and grain exporters.
According to Patrushev, the initiative will strengthen global food security. He also reminded that in 2024, this idea was supported by the agriculture ministers of BRICS countries and the leaders of the union.
"BRICS countries account for nearly half of the global production and consumption of grain. Accordingly, the trading platform will allow BRICS countries to form independent price indicators within the union, which will contribute to a more objective assessment of agricultural products' value on the global market," noted Dmitry Patrushev.
The statement further clarifies that an interdepartmental working group, led by the Russian Ministry of Economic Development, will prepare specific proposals regarding the establishment of the exchange.
Russian President Vladimir Putin instructed the government to explore the initiative for creating the BRICS Grain Exchange in 2024. The idea of establishing the exchange was first proposed by the Union of Grain Exporters during a meeting with the Russian leader in March previous year.
Photo: iStock
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