BRICS supported the initiative of the Russian Federation to create its own grain exchange

Published 2024년 6월 28일

Tridge summary

The BRICS nations, including Russia, are moving forward with the establishment of a grain exchange association. This platform will enable member countries to trade in their national currencies. With the BRICS countries controlling about 30% of the world's arable land and producing approximately 40% of grain crops, 50% of fish, and 50% of dairy products globally, this initiative underscores the group's significant role in the global agricultural sector. By 2023, these countries were responsible for 42% of the world's grain production and 40% of its consumption. The initiative aims to streamline trade processes, discuss tariff barriers, and unify phytosanitary conditions to foster mutual development.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The BRICS countries supported the initiative of the Russian Federation to create a grain exchange association and are starting work in this direction. This is reported by the Russian "Interfax". Representatives of the ministries of agriculture supported the Russian initiative to create a BRICS grain exchange, where they, the member countries, will be able to pay in national currency It is reported that the BRICS countries now account for about 30% of all arable land in the world. Together, they produce about 40% of grain crops, 50% of fish, and 50% of dairy products worldwide. By the end of 2023, the five BRICS countries produced 1.17 billion tons of grain per year (42% of world production), and consumed 1.1 billion tons (40%). It is also noted that the countries of the group account for 348 million tons of wheat harvest per year (44% of world production), consumption - 323 million tons (41%). Production of corn, which is mostly used for animal feed, reaches 482 million tons (39% ...

Source: Epravda