The largest developing countries support the Russian initiative to create its grain exchange.

Representatives of the ministries of agriculture from BRICS (Brazil, Russia, India, China, South Africa), an international organization of the largest developing countries in terms of area and population, support Moscow’s initiative to create a BRICS grain exchange, where member countries will be able to pay in their national currencies.

BRICS countries currently account for about 30% of all arable land globally. Together, they account for about 40% of grain crops, 50% of fish harvested, and 50% of dairy products produced worldwide.

By the end of 2023, the five countries produced 1.17 billion tons of grain per year (42% of world production), and consumed 1.1 billion tons (40%). It is also noted that the BRICS countries account for 348 million tons of wheat harvest per year (44% of world production), with consumption – 323 million tons (41%). Corn production reaches 482 million tons (39% of world production), and consumption – 442 million tons (37%).

Egypt, Iran, Saudi Arabia, the UAE, and Ethiopia all joined BRICS this year.