BRICS countries back grain exchange idea, Russia says

The BRICS group of countries have supported an initiative to set up a grain exchange, Russian Minister of Agriculture Oksana Lut said on Friday.

The exchange would allow buyers to purchase directly from producers and has been backed by Russian President Vladimir Putin ahead of a BRICS summit to be held in Russia in October.

“We will work together with our colleagues on creation and development of this platform and the development of the possibility of settlements in national currencies of the BRICS countries,” Lut said after a meeting of BRICS agriculture ministers held in Moscow.

BRICS nations’ food exports

The BRICS grouping, which includes Brazil, Russia, India, China and South Africa and new members – Egypt, UAE, Ethiopia and Iran, accounts for more than 30 per cent of global agricultural land, according to Russian export centre Agroexport.

It also accounts for more than 40 per cent of global cereal and meat production, nearly 40 per cent of dairy products and more than 50 per cent 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 $15bn,” Lut said regarding BRICS countries.

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