BRICS countries seek new governance in grain markets.
According to BRICS TV, the Russian government announced the holding of a specialized meeting on the launch of the BRICS Grain Exchange with the participation of representatives of the member states.
At the meeting, the participants discussed the mechanisms for launching and operating the exchange, as well as ways of interacting with trading platforms, grain producers and exporters.
Referring to the support of the BRICS agriculture ministers and the leaders of the union for this project in 2024, Russian Deputy Prime Minister Dmitry Patrushev said: “The BRICS countries account for nearly half of the world’s grain production and consumption. Therefore, this trading platform will allow members to form independent intra-union price indices that will lead to a more objective assessment of the value of agricultural products on the world market.”
According to the report, an intergovernmental working group led by the Russian Ministry of Economic Development has been tasked with preparing operational proposals for the establishment of this exchange.
The initiative came after Russian President Vladimir Putin asked the government to explore the feasibility of creating a BRICS grain exchange in 2024.
The idea of ​​establishing the exchange was first raised by the Grain Exporters Union during a meeting with Putin in March last year.