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BRICS supports Russia’s initiative to create grain stock exchange

Moscow, Jun 29 (Prensa Latina) The BRICS group supports Russia's initiative to create a grain stock exchange, Russian Minister of Agriculture Oksana Lut informed on Friday at the 14th meeting of heads of that sector within the BRICS members.

“We thank all member nations for supporting the initiative, and now, according with the order of Russian President Vladimir Putin, we will work in conjunction with our colleagues on the creation of this platform and on the development of transactions in national currencies of the member countries, Lut stressed on Friday.

Russia’s Ministry of Agriculture will work on the creation and development of this platform, the minister said, adding that during the meeting, participants discussed key issues related to food security within the group, as well as globally.

The BRICS countries currently claim about 30 percent of the world’s total arable land and together they produce some 40 percent of the global grain crops, 50 percent of fish and 50 percent of dairy products.

These States are practically the key platform for global food security, Lut summarized.

In early March, Eduard Zernin, chairman of the Union of Russian Grain Exporters, at a meeting with the Russian leader, discussed the initiative to create a grain exchange market within the BRICS.