The creation of a BRICS grain exchange and investment platform seeks to strengthen food security, stabilize prices and promote economic cooperation in the face of global sanctions and conflicts.
The president of Russia, Vladimir Putin, proposed this Wednesday the creation of a BRICS grain bagwhich could later be extended to trade in other important commodities.
“The BRICS countries are among the largest world producers of cereals, legumes and oilseeds. In this sense, we have proposed opening a BRICS grain exchange,” Putin said in his opening speech to a summit of leaders of this group of nations.
According to him, the exchange “will contribute to the formation of fair and predictable price indicators for products and raw materials, taking into account its special role in ensuring food security”.
“The implementation of this initiative will help protect national markets from negative external interference, speculation and attempts to create artificial food shortages,” he added.
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A separate platform could be created for trading in precious metals and diamonds, Putin said.
In his speech, he also referred to the creation of a BRICS investment platform, which will facilitate mutual investment between the group’s countries and could also be used to invest in other countries in the Global South.
BRICS are concerned about conflicts and sanctions
The BRICS countries are deeply concerned about the negative influence of “illegal sanctions” on the world economy and the continuing conflicts in the Middle East and North Africathe countries’ leaders said in a joint statement on Wednesday.
Source: Ambito
