Russian Agriculture Minister Oksana Lut said the BRICS countries would jointly develop a 'grain exchange' and a system for settlements in national currencies, while speaking at the organisation's meeting in Moscow on Friday.
"We are grateful to all BRICS member countries and representatives of the Agriculture Ministries for supporting the Russian initiative to create a BRICS grain exchange. And now, in line with the Russian President Vladimir Vladimirovich Putin's instruction, we will work with our colleagues to create and develop this platform and develop opportunities for settlements in the national currencies of the BRICS countries," Lut stated.
The minister noted that the share of agricultural land in the BRICS countries was more than 30 percent of the global land area.
"A wide range of natural, climatic, demographic and social conditions allows us to produce various products. Thus, the BRICS countries have significant potential to strengthen their positions in the global agricultural market and ensure uninterrupted supplies to guarantee global food security," Lut added.
Russian President Vladimir Putin supported the idea of creating a BRICS grain exchange at a meeting with representatives of the Russian agro-industrial complex in the Stavropol region on March 5.
"All stock exchange indexes are formed either in the US, in Europe, for example, in Paris. I don't know, how much grain do the French produce? I think less than we do, right? Traditionally, stock indexes are formed there. Of course, this is unfair, because it affects pricing as well. <...> The idea is very good, because in our BRICS union there are countries that both produce and buy grain," Putin had stated.
The 14th Meeting of the BRICS Agriculture Ministers was held in Moscow on Friday. The meeting participants also discussed the joint development of the agro-industrial industry within the BRICS group, including ensuring food security.
BRICS will have 'grain exchange' programme, 'settlements in national currencies' - Russian agriculture minister
Russian Agriculture Minister Oksana Lut said the BRICS countries would jointly develop a 'grain exchange' and a system for settlements in national currencies, while speaking at the organisation's meeting in Moscow on Friday.
"We are grateful to all BRICS member countries and representatives of the Agriculture Ministries for supporting the Russian initiative to create a BRICS grain exchange. And now, in line with the Russian President Vladimir Vladimirovich Putin's instruction, we will work with our colleagues to create and develop this platform and develop opportunities for settlements in the national currencies of the BRICS countries," Lut stated.
The minister noted that the share of agricultural land in the BRICS countries was more than 30 percent of the global land area.
"A wide range of natural, climatic, demographic and social conditions allows us to produce various products. Thus, the BRICS countries have significant potential to strengthen their positions in the global agricultural market and ensure uninterrupted supplies to guarantee global food security," Lut added.
Russian President Vladimir Putin supported the idea of creating a BRICS grain exchange at a meeting with representatives of the Russian agro-industrial complex in the Stavropol region on March 5.
"All stock exchange indexes are formed either in the US, in Europe, for example, in Paris. I don't know, how much grain do the French produce? I think less than we do, right? Traditionally, stock indexes are formed there. Of course, this is unfair, because it affects pricing as well. <...> The idea is very good, because in our BRICS union there are countries that both produce and buy grain," Putin had stated.
The 14th Meeting of the BRICS Agriculture Ministers was held in Moscow on Friday. The meeting participants also discussed the joint development of the agro-industrial industry within the BRICS group, including ensuring food security.
Russian Agriculture Minister Oksana Lut said the BRICS countries would jointly develop a 'grain exchange' and a system for settlements in national currencies, while speaking at the organisation's meeting in Moscow on Friday.
"We are grateful to all BRICS member countries and representatives of the Agriculture Ministries for supporting the Russian initiative to create a BRICS grain exchange. And now, in line with the Russian President Vladimir Vladimirovich Putin's instruction, we will work with our colleagues to create and develop this platform and develop opportunities for settlements in the national currencies of the BRICS countries," Lut stated.
The minister noted that the share of agricultural land in the BRICS countries was more than 30 percent of the global land area.
"A wide range of natural, climatic, demographic and social conditions allows us to produce various products. Thus, the BRICS countries have significant potential to strengthen their positions in the global agricultural market and ensure uninterrupted supplies to guarantee global food security," Lut added.
Russian President Vladimir Putin supported the idea of creating a BRICS grain exchange at a meeting with representatives of the Russian agro-industrial complex in the Stavropol region on March 5.
"All stock exchange indexes are formed either in the US, in Europe, for example, in Paris. I don't know, how much grain do the French produce? I think less than we do, right? Traditionally, stock indexes are formed there. Of course, this is unfair, because it affects pricing as well. <...> The idea is very good, because in our BRICS union there are countries that both produce and buy grain," Putin had stated.
The 14th Meeting of the BRICS Agriculture Ministers was held in Moscow on Friday. The meeting participants also discussed the joint development of the agro-industrial industry within the BRICS group, including ensuring food security.