Putin wants a grain exchange between the BRICS countries

Russia has proposed the establishment of a grain exchange between the member states of the BRICS group, which could later be expanded to trade other important raw materials, President Vladimir Putin said yesterday in the inaugural speech at the BRICS Summit in Kazan, held between October 22 and 24 .

The official from the Kremlin said, quoted by Reuters: "The BRICS countries are among the world's largest producers of cereals, vegetables and oilseeds. In this sense, we propose the creation of a grain exchange between the BRICS countries. This exchange will contribute to the formation of correct and predictable price references for products and raw materials, considering its special role in ensuring food security. At the same time, it will help protect national markets from negative external interference, speculation and attempts to create artificial food crises. A separate platform could be set up for transactions with precious metals and diamonds."

Putin also referred to the creation of an investment platform at the BRICS level, which will facilitate investments between the countries in the group, which can also be used for investments in other countries in the southern hemisphere.

• Putin: "A multipolar world is being created"

Vladimir Putin said at the summit that the newly expanded BRICS group showed that "a multipolar world" is being created, in a challenge to the US-dominated global order, according to Bloomberg. The Russian leader said: "BRICS satisfies the aspirations of the main part of the international community, the so-called world majority. It is a requirement, especially in the current conditions, when truly dramatic changes are taking place in the world and the process of forming a multipolar world is underway".

These days, Russia is hosting the first BRICS summit since the expansion of the group in January. Initially made up of Brazil, Russia, India, China and South Africa, the group expanded this year with Egypt, the United Arab Emirates, Ethiopia and Iran, and recently countries including Turkey, Azerbaijan and Cuba have publicly expressed their intention to join. More than 30 nations want to join BRICS, although not all existing members think further expansion is a good idea.

"It would be wrong to ignore the unprecedented interest of countries in the global south and east to strengthen contacts with BRICS," Putin said, adding: "At the same time, it is necessary to maintain a balance."

Yesterday, Putin was to hold separate talks with the Turkish President Recep Tayyip Erdogan and the Iranian President, Masoud Pezeshkian, on the sidelines of the summit.

According to Bloomberg, the importance of BRICS is growing. Its nine member states represent 26% of the world economy and 45% of the world's population, compared to 44% of global GDP and 10% of the population in the case of the Group of Seven (G7).

Russia is under sanctions from the US and its G7 allies over the invasion of Ukraine, launched in February 2022. The Russian leader is trying to reduce the impact of the sanctions on his economy by pushing for the BRICS countries to reduce their dependence on the dollar as their currency. of global reserve, by stimulating trade with national currencies.

• Friendship Putin - Xi Jinping

Vladimir Putin called Chinese President Xi Jinping his "dear friend", against the backdrop of ever-expanding cooperation between Moscow and Beijing, Voice of America announces.

Following a meeting between the two leaders on Tuesday on the sidelines of the summit in Russia, Xi Jinping expressed his gratitude for the expanding partnership between Russia and China, saying that the relationship between the two countries "has deepened and continuously expanded strategic coordination and cooperation".

The Chinese leader also said that this cooperation with Moscow is a stabilizing factor for the world, emphasizing: "The world is going through profound changes not seen in a century, and the international situation is chaotic and confused. The ties between Russia and China gave a strong impetus to the development, revitalization and modernization of the two countries and made important contributions to the support of international equity and justice".

Kremlin foreign affairs adviser Yuri Ushakov said the BRICS meeting in Kazan is "the biggest foreign policy event ever organized" by its members, with Russia hosting representatives from 36 countries, including 20 of heads of state.