Ministry of Agriculture: BRICS countries supported Russia’s initiative to create a grain exchange
The BRICS countries supported the idea of creating a grain exchange. The head of the Ministry of Agriculture of the Russian Federation Oksana Lut spoke about this during the 14th meeting of the ministers of agriculture of the countries of the association, she is quoted as saying TASS.
Luth thanked the BRICS countries for supporting the corresponding Russian initiative. The department, together with foreign colleagues, will work on the creation and development of this platform, the minister said. Issues of the possibility of settlements on the grain exchange in the national currencies of the BRICS countries will also be worked out, Luth added.
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The head of the Ministry of Agriculture of the Russian Federation also said that at the meeting the ministers discussed issues of global food security and food security of the BRICS. She recalled that the countries of the association currently account for about 30 percent of all arable land in the world, 40 percent of grain production, 50 percent of fish and 50 percent of dairy products.
Earlier, Deputy Minister of Agriculture of the Russian Federation Andrei Razin warned that the cost of grain in the current season could be “somewhat adjusted” due to the drought in the south of the country, but the forecast for production volumes remains unchanged. “We expect that grain prices this year will allow our agricultural producers to achieve good profitability indicators,” he added.
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