Egypt supported the idea of creating a BRICS grain exchange

Published Apr 17, 2024

Tridge summary

Egypt has shown support for a new initiative to create a BRICS grain exchange, a move aimed at making grain pricing and trading more equitable on a global scale. This initiative, backed by Russian President Vladimir Putin and proposed by the Union of Grain Exporters, seeks to challenge the current dominance of U.S. and European stock indices in setting global grain prices. The BRICS group, which is a significant player in the global grain market and includes nine states, exports a major portion of the world's wheat, rice, and corn. Egypt's Finance Minister Mohammed Maait has voiced the country's backing for this proposal, highlighting its potential benefits for consumers worldwide by addressing the impacts of current pricing mechanisms.
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Original content

Egypt supports the initiative to create a BRICS grain exchange, the country's Finance Minister Mohammed Maait told RIA Novosti. The initiative to create a BRICS grain exchange was put forward by the Union of Grain Exporters at the end of December, and at a meeting with representatives of the agro-industrial complex in March, the head of the union, Eduard Zernin, reported it to Russian President Vladimir Putin. The head of state supported the initiative, noting that “stock indices are formed either in the States or in Europe” - and “this is unfair, because from here it affects pricing” and affects consumers. “This idea is being discussed by the central bank, not by the Ministry of Finance. But as for our support, we support it,” Maait said on the sidelines of the spring conference of the International Monetary Fund (IMF) ...
Source: Zol
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