The BRICS countries recognized the importance of further development of the initiative to create a platform for grain trading, reports Interfax with reference to the declaration following the Indian summit.
“We welcome further discussion of the modalities of its <Grain Exchange> functioning, its further development and expansion to other types of agricultural products and goods,” the document says.
At the same time, press secretary of the Russian President Dmitry Peskov said that there is no progress on the issue of creating a grain exchange within the BRICS framework.
The initiative to create the BRICS Grain Exchange at the end of 2023 was put forward by the Union of Grain Exporters and Producers of Russia. In the spring of 2024, this idea was supported by Russian President Vladimir Putin, who at the same time expressed the wish that such an exchange would eventually transform into a full-fledged commodity exchange. The Kazan Declaration, adopted following the BRICS summit in the fall of 2024, spoke about the creation of a grain (raw materials) trading platform within the BRICS framework and its subsequent development, including covering other sectors of agriculture.
In April 2025, the Russian initiative was officially supported by the BRICS ministers of agriculture.
In August 2026, at the 16th meeting of the BRICS Ministers of Economy and Foreign Trade, Russia presented the structure of the Grain Exchange and the modality of its work. The Russian side proposed creating the BRICS Grain Exchange as a single digital trading platform, where producers and buyers of agricultural crops will be able to enter into transactions directly without external exchange intermediaries. The platform will reflect the real balance of supply and demand in the BRICS space and will allow countries to maintain control over their own commodity flows.
According to the Union of Grain Exporters and Producers, the volume of trading in agricultural and related products on this exchange may in the future exceed $1 trillion.
According to calculations by the Union of Grain Exporters and Producers, grain production in the BRICS countries is 1.24 billion tons per year (44% of the world), consumption is as close as possible to production - 1.23 billion tons (also 44%). For wheat, the situation is similar: production 377 million tons (48%), consumption - 374 million tons (47%).
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Source: https://www.zerno.ru/node/34314