Russian Deputy PM Patrushev attends meeting dedicated to creation of BRICS Grain Exchange

During the meeting, participants spoke about the options for creating and operating the exchange and mechanisms for interacting with trading platforms, producers, and grain exporters.

Patrushev said that the initiative will boost global food security. He recalled that agriculture ministers of BRICS countries and the leaders of the union supported the idea in 2024, TV BRICS reported.

Patrushev stated, "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."

According to the statement, an interdepartmental working group, led by the Russian Ministry of Economic Development, will prepare specific proposals regarding the establishment of the exchange, TV BRICS reported. The BRICS group comprises Brazil, Russia, India, China, and South Africa.

Russian President Vladimir Putin directed the government to explore the initiative for creating the BRICS Grain Exchange in 2024. Union of Grain Exporters proposed the idea of establishing the exchange during a meeting with the Russian President in March last year.

Earlier in March, Russian President Vladimir Putin called on Russian businesses to actively participate in projects within the BRICS framework, emphasising the economic potential of the alliance, TV BRICS reported. Speaking at the plenary session of the Congress of the Russian Union of Industrialists and Entrepreneurs (RSPP), Putin highlighted the importance of strengthening ties with BRICS nations to support long-term economic growth.

His remarks were published on the official website of the Russian President. Putin highlighted that the combined gross domestic product (GDP) of BRICS nations grew by 4.9 percent in 2024, reported TV BRICS. He noted that economic growth in different regions worldwide is expected to remain stable for the coming decades, suggesting that BRICS will play a key role in sustaining global economic momentum.

He stressed that continued development within the association would contribute to this positive trend, reinforcing the importance of international cooperation. The Russian president further urged domestic businesses to take full advantage of opportunities within BRICS, including partnerships with existing and future member states, TV BRICS reported.

"I expect Russian business to take the most active part in these joint projects with our BRICS partners and its future members," Putin stated. He pointed to the increasing significance of BRICS in global economic affairs and encouraged greater involvement in collaborative initiatives. (ANI)