BRICS weighs Russia’s grain exchange plan; digital platform for farm produce trade mooted
BRICS countries are considering a Russian-backed proposal to create a grain exchange that would allow producers and buyers to trade directly and reduce dependence on major global commodity exchanges. The proposal is expected to be discussed at the BRICS Summit in New Delhi on September 12-13.
BRICS nations are considering a proposal from Russian President Vladimir Putin to create a grain exchange that could disrupt the dominance of existing commodity exchanges in global agricultural trade. This initiative will be discussed at the upcoming BRICS Summit in New Delhi on September 12-13.The concept of the BRICS Grain Exchange was first introduced by Russia in 2023 during a meeting of the bloc's trade ministers in Jaipur.
The exchange would function as a unified digital platform allowing producers and buyers of agricultural crops to trade directly with each other, according to Russia.Russia's Union of Grain Exporters and Producers, which first proposed the exchange in 2023, estimates that agricultural and related product trade among BRICS nations could eventually reach $1 trillion.
Russian President Putin supported the idea in 2024, suggesting it could develop into a comprehensive commodity exchange.Russia claims the exchange would accurately reflect the supply and demand balance within BRICS, thereby empowering member countries to maintain control over their own commodity flows.
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