The BRICS group of countries has endorsed a proposal to establish a grain exchange, Russian Minister of Agriculture Oksana Lut announced on Friday.
This initiative, supported by Russian President Vladimir Putin, aims to facilitate direct purchases from producers and will be discussed further at the BRICS summit in Russia this October.
“We will work together with our colleagues on the creation and development of this platform and the development of the possibility of settlements in national currencies of the BRICS countries,” Lut stated following a meeting of BRICS agriculture ministers in Moscow.
The BRICS group, which includes Brazil, India, China, South Africa, and others, represents over 30% of global agricultural land, according to Russia’s Agroexport.
The bloc also contributes more than 40% of global cereal and meat production, nearly 40% of dairy products, and over 50% of total fish and seafood production.
“Last year, the association accounted for more than a third of Russia’s exports of agro-industrial products – that’s $15 billion,” Lut noted, highlighting the significant economic impact of the BRICS countries on Russia’s agricultural exports.