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Putin unveils idea of BRICS grain exchange to be transformed into commodity exchange

The Russian leader also mentioned the initiative that "will help protecting national markets from negative external interference, speculations and attempts to cause the food shortage artificially"

KAZAN, October 23. /TASS/. The proposal to open the BRICS grain exchange, which will allow ensuring food security in the association, may be discussed at the summit, Russian President Vladimir Putin said at an extended meeting of the BRICS summit.

"It has been suggested to open the BRICS grain exchange that will facilitate the formation of fair and predictable price indicators for products and primary produce, considering its particular role in ensuring food security. The implementation of this initiative will help protecting national markets from negative external interference, speculations and attempts to cause the food shortage artificially," the president said.

"As time passes we could think about transformation of the grain exchange into a full-fledged commodity exchange as well," he added.

Chairman of the Board of the Union of Grain Exporters Eduard Zernin spoke about the initiative to create a grain exchange within BRICS member states at Putin’s meeting with employees of the agro-industrial sector in March. The president upheld the idea, saying that many BRICS members would be interested in the creation of a grain exchange as many of them produce and buy grain.

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