Russia is planning to establish an exchange for grain trade for BRICS countries
Russia intends to establish a grain exchange for the BRICS countries, a move that would affect the global agricultural market.
This step is expected to strengthen Russia’s position as a major supplier of grains in the world, and enhance the food security of the BRICS countries, which include Russia, China, Brazil, South Africa, India, Saudi Arabia, the UAE, Egypt, Iran and Ethiopia.
The importance of the BRICS countries in the global grain market, as last year they represented about 42% of global grain production and 40% of global consumption.
It’s expected that grain and fertilizer exporters will face increasing competition from BRICS countries, which could lead to changes in global power.
Last February, President Vladimir Putin pointed to Russia’s progress in wheat exports, stressing the continuity of its role as one of the largest food exporting countries in the world, and that it will maintain its position in the global wheat market during the agricultural year 2023 -2024 and will provide about 60 million tons of wheat for global markets.
