Russia to prepare roadmap for substantive negotiations with BRICS countries on creating grain exchange

MOSCOW. June 3 (Interfax) - Russia will develop a plan for substantive negotiations with BRICS member states regarding the establishment of a BRICS grain exchange, Deputy Prime Minister Dmitry Patrushev's office said following his meeting on creating and operating the exchange.

"The Russian Economic Development Ministry presented proposals for the exchange's establishment and operational model. The meeting concluded with a decision to prepare a roadmap for substantive negotiations with BRICS member countries on further project implementation," the office said.

The exchange's creation will establish the conditions required for developing independent price benchmarks within the association, Patrushev said. Collectively, this will contribute to a more objective valuation of agricultural products on global markets, he said.

"The establishment of a BRICS Grain Exchange will help reduce dependence on Western trading platforms while creating essential infrastructure to enhance the grain market's operational efficiency," Patrushev was quoted as saying.

As reported, Russia initiated the proposal for a BRICS grain exchange. The Kazan Declaration adopted at the October 2024 BRICS summit welcomed this initiative. The project involves creating a BRICS commodity trading platform (the BRICS Grain Exchange) with subsequent expansion potentially covering other agricultural sectors.

According to estimates from the Union of Grain Exporters and Producers, trade agricultural and related products on this exchange could eventually exceed $1 trillion.

An interagency working group under the Russian Economic Development Ministry is preparing specific proposals for the exchange's establishment.