Egypt supported the idea of creating a BRICS grain exchange

Published Apr 19, 2024

Tridge summary

Egypt has officially announced its support for the creation of a BRICS grain exchange, a move initially proposed by the Union of Grain Exporters and endorsed by Russian President Vladimir Putin to address the issue of unfair stock index formation in Western countries. This initiative, which is under discussion by the central bank, aims to reshape the global grain market dynamics by potentially including major grain-exporting countries such as Brazil, Russia, India, China, South Africa, along with the UAE, Iran, Egypt, and Ethiopia. The announcement was made by Egypt's Finance Minister Mohammed Maait during the spring conference of the International Monetary Fund (IMF) and the World Bank in Washington, highlighting the significant role the BRICS group could play in exporting key commodities like wheat, rice, and corn.
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Original content

RIA News. 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: Oilworld
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