BRICS members welcome Russia’s initiative to establish grain exchange — Kazan Declaration

Business & Economy October 23, 16:54

The member states intend "to ensure a continuous flow of food and essential inputs for agricultural production which should be exempted from undue restrictive economic measures"

KAZAN, October 23. /TASS/. BRICS member states welcome Russia’s initiative to establish a grain trading platform to be expanded to other agriculture sectors in the future as well, according to Kazan Declaration of the 16th summit of the association.

"We reaffirm the need to develop a fair agricultural trading system and implement resilient and sustainable agriculture," the document reads.

"We commit to minimize disruptions and promote rules-based trade in agriculture and fertilizers with the view to ensure a continuous flow of food and essential inputs for agricultural production which should be exempted from undue restrictive economic measures, inconsistent with WTO rules, including those affecting producers and exporters of agricultural products as well as business services with regard to international shipments. In this regard, we welcome the initiative of the Russian side to establish a grain (commodities) trading platform within BRICS (the BRICS Grain Exchange) and to subsequently develop it including expanding it to other agricultural sectors," according to the declaration.

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