The Russian Union of Grain Exporters (UREC) has sent a letter to the Ministry of Agriculture of the Russian Federation, in which it suggests creating a grain exchange within the BRICS, the group of emerging countries made up of Brazil, Russia, India, China and South Africa.
According to UREC, this initiative would represent a strategic opportunity for the BRICS member countries, which together produce approximately 40% of the world’s cereals. “China, India and Brazil are among the largest wheat producers in the world. Russia also supplies 20 to 25% of global grain trade,” the authors of the letter recall.
They also point out that the expansion of BRICS to new countries, such as Saudi Arabia, the United Arab Emirates, Egypt, Iran and Ethiopia, would further strengthen the group’s weight in the global cereals market.
UREC believes that the creation of a grain exchange within the BRICS would help diversify sources of financing and reduce dependence on the US dollar, which currently dominates international trade. It would also offer the chance to challenge the hegemony of the Chicago Stock Exchange, which sets grain prices on the world market.
UREC therefore calls on the Ministry of Agriculture to support this proposal and initiate discussions with other BRICS countries to study the feasibility and modalities of such a grain exchange.
2023-12-31 10:33:53
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