MOSCOW, July 10. /TASS/. Chances for the progress of the initiative of creating a grain exchange in BRICS are rather sound, Russian Deputy Foreign Minister and BRICS Sherpa Sergey Ryabkov said.

"I believe that chances for further promotion of this initiative are massive," the official said.

Moscow is interested in implementation of this initiative, the deputy foreign minister said. "Practical progress is in place in respect of how the institution of such kind will function, what its frameworks are and what are the parameters to be put in its settings, let’s say, from the start," Ryabkov added.

Conceptual documents are available in this regard, the Russian diplomat said. "Our partners are familiar with our approaches. We gather reactions, we hold the dialog in the format of the entire BRICS because it is clear that efforts of such kind pertain not merely to producers and the top consumers but to all players in this extremely important market," Ryabkov added.