Russia’s President Vladimir Putin is calling for the creation of a BRICS grain exchange.
The Russian leader said this during the second day of the 16th BRICS Summit in Kazan, Russia.
The grain exchange would later be expanded to trade other major commodities, Putin added.
"BRICS countries are among the world's largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange," he told world leaders.
Putin said that the exchange will contribute to the formation of fair and predictable price indicators for products and raw materials, considering its special role in ensuring food security.
"The implementation of this initiative will help protect national markets from negative external interference, speculation, and attempts to create an artificial food shortage."
The Russian leader also added that a separate platform may be created to trade precious metals and diamonds.
Change the trajectory of the Global South
Yesterday, President Cyril Ramaphosa said that the BRICS partnership will provide an opportunity to change the trajectory of the Global South.
The South African head of state said BRICS is an inclusive formation that has the ability to change the Global South, but in order to do this, nations must realise the full potential of this economic partnership to ensure sustainable development for all.
“We must undertake bold steps towards a mutual, shared and equitable prosperity. Like most of the world, South Africa desires the smooth operation of supply chains, trade, tourism, and financial flows, free from external influence in a multi-polar world,” he added.
The president said that the BRICS partnership has an important role in addressing the challenges of the Global South in partnership with like-minded emerging market countries.
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