BRICS countries support establishment of grain exchange to streamline agricultural trade Russian

6/30/2024 4:32:43 AM

(MENAFN) Russian Agriculture Minister Oksana Lut said that the BRICS nations have endorsed an initiative to establish a grain exchange, which will enable buyers to procure directly from producers. This proposal received backing from Russian President Vladimir Putin ahead of the BRICS summit scheduled to take place in Russia in October. Following a meeting of the group's agricultural ministers in Moscow, Lut stated, "We will collaborate with our colleagues to create and develop this platform and explore the potential for settlements in the local currencies of the BRICS countries."

The BRICS consortium, comprising Brazil, India, China, South Africa, and other member states, accounts for more than 30 percent of the world's agricultural land, according to data from the Russian export center Agroexport. Additionally, the BRICS countries contribute over 40 percent to global cereal and meat production, nearly 40 percent to dairy output, and more than 50 percent to the total production of fish and seafood. Highlighting the significance of this cooperation, Lut noted, "Last year, the BRICS nations were responsible for more than a third of Russia's exports of agro-industrial products, amounting to USD15 billion."

This initiative is seen as a strategic move to enhance agricultural trade within the BRICS framework, ensuring greater efficiency and fostering economic integration by utilizing local currencies for transactions.

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