BRICS members are exploring a plan backed by Russian President Vladimir Putin to establish a grain exchange that could potentially end the “hegemony” of certain commodity exchanges on global agricultural trading and prices. It would be on the agenda at the September 12-13 BRICS Summit in New Delhi.
Russia presented the framework of the BRICS Grain Exchange at a meeting of BRICS trade ministers in Jaipur recently.
First proposed in 2023
Russia presented the BRICS Grain Exchange framework of at a meeting of bloc’s trade ministers in Jaipur recently, describing it as a “unified digital trading platform where producers and buyers of agricultural crops could deal with one another directly.”
Putin backed the initiative in 2024 and said it could eventually evolve into a full-fledged commodity exchange. The exchange will reflect the actual balance of supply and demand within BRICS, enabling member countries to retain control over their own commodity flows, according to Russia.
