Russia Proposes BRICS Grain Exchange for Fair Trade

Russia's President Vladimir Putin proposed a BRICS grain exchange to trade grains and potentially other commodities, aiming to establish fair pricing and safeguard against market manipulation. Additionally, he suggested a BRICS investment platform to boost mutual and global south investments.

In a significant move to stabilize global commodity markets, Russian President Vladimir Putin announced the proposal for a BRICS grain exchange during the BRICS summit. This initiative aims to bolster fair trade among BRICS nations, who are key global producers of grains, legumes, and oilseeds.

Putin emphasized the exchange's role in ensuring food security by preventing negative external interferences and market manipulation. The proposal includes expanding the exchange to incorporate other critical commodities, such as precious metals and diamonds, creating a robust trading platform.

The summit also saw Putin advocating for the establishment of a BRICS investment platform. This platform is devised to not only catalyze mutual investments between BRICS nations but also extend its reach for investments throughout the Global South, fostering economic cooperation and development.

(With inputs from agencies.)