Ryabkov called the chances of creating a BRICS grain exchange very solid

The chances of implementing the initiative to create a grain exchange within the framework of the BRICS association are assessed as very solid. This was announced on Thursday, July 10, by Russian Deputy Foreign Minister Sergei Ryabkov.

"I think the chances of further promotion of this initiative are very, very solid," Ryabkov said.

According to the diplomat, Moscow is interested in promoting the project and continues to work out the details of the functioning of the exchange.

"There is practical progress in determining how such a structure will function, what its framework is, what are the parameters laid down in its settings...> initially," Ryabkov said.

He added that the concept documents have already been developed and communicated to the partners. Feedback is being collected and discussed in the format of the entire association.

"It is clear that such initiatives concern not only manufacturers and major consumers, but also all players in this extremely important market," the Deputy minister stressed.

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Alexander Shchetinin, Director of the Latin American Department of the Russian Foreign Ministry, said on July 8 that the BRICS task now is to ensure that the process of entry of new member and partner countries is successful and that they integrate into the activities of the association. He stressed that BRICS is an organization, an association of countries where decisions are made by consensus.