The BRICS countries supported the initiative of the Russian Federation to create a grain exchange

At the meeting of the ministers of agriculture of the BRICS countries in Brazil, representatives of the association supported Russia's idea of creating a grain exchange. This is stated on April 17 in the declaration adopted following the meeting.

"We recognize the importance of further developing the initiative to create a grain trading exchange within the framework of the BRICS and its subsequent development, as well as its extension to other agricultural products and goods and the introduction of a fair trading system," the document says.

The day before, the press service of the Russian Ministry of Agriculture reported that the countries of the association discussed the development of trade in the agro-industrial complex (AIC) at the 15th meeting of the BRICS Ministers of agriculture in Brazil.

The negotiations were attended by the agricultural departments of Russia, Brazil, China, India, South Africa, Iran, Egypt, the United Arab Emirates and Ethiopia.

The Ministry of Agriculture noted that Russia is ready to contribute to the development of agriculture in order to achieve global food security. In addition, the Russian Federation increased its trade turnover with the BRICS member countries by almost 10% last year.

Getting Food: BRICS prepares to establish an agricultural alliance

Why an agricultural union is needed and which countries have already shown interest in the initiative

On February 18, Minister of Agriculture Oksana Lut announced at the plenary session of the III International Forum Global Grain and Pulses Forum 2025 that Russia had begun work on the creation of the BRICS grain exchange. According to her, the BRICS grain exchange is necessary for food settlements, as well as for ensuring pricing transparency.