Russia and Egypt Move Toward Establishing BRICS Grain Exchange
Igor Artemyev, President of the St. Petersburg International Mercantile Exchange (SPIMEX), said that the leading commodity exchanges in Russia and Egypt are planning to strengthen cooperation with the aim of establishing a new grain exchange under the BRICS framework.
Artemyev made the remarks following the signing of a memorandum of understanding with the Egyptian Mercantile Exchange, noting that the initiative can be viewed as both a bilateral partnership between Russia and Egypt and a broader step toward the creation of a BRICS commodities exchange, according to Russia Today.
Under the memorandum, the two sides intend to simplify exchange trading procedures and explore opportunities for mutual market access for brokers and companies operating in both countries.
Russian President Vladimir Putin has previously stated that BRICS countries—among the world’s largest producers of grains, legumes, and oilseeds—are well positioned to establish such an exchange, with the potential to later expand into the trading of other commodities.
Leaders of the BRICS group, which includes Brazil, Russia, India, China, South Africa, Egypt, and several newly admitted members, have already approved a plan to move forward with the creation of the exchange.