Russia proposed the creation of a BRICS grain exchange, which could later be expanded to trade other major commodities, President Vladimir Putin said in opening remarks to a summit of leaders of the BRICS countries on Wednesday.

“BRICS countries are among the world’s largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange,” Putin told the leaders.

He added 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,” Putin said.

A separate platform could be set up to trade precious metals and diamonds, Putin said.

In his speech, Putin also referred to the creation of a BRICS investment platform, which will facilitate mutual investment between BRICS countries and could also be used for investment in other countries in the Global South.

(Reuters)