Work on the creation of the concept of the BRICS grain exchange will begin in 2025, said Russian Minister of Agriculture Oksana Lut.
"We will start this work from 2025 under the leadership of the Deputy Head of the Presidential Administration Maxim Oreshkin, together with the Ministry of Economic Development. Our part is commodity-based. We will begin to develop a concept," Lut said.
Speaking at the Russian Chamber of Commerce and Industry, the minister added, "We sincerely hope that by 2025 we will have started the process of harmonization with all countries. It will be a long process".
Minister Lut also appealed to the head of the Russian Chamber of Commerce and Industry Sergey Katyrin with a proposal to collect ideas of the business community on the concept of a grain exchange.
Earlier this year, President Vladimir Putin supported an initiative to create a grain exchange within the BRICS framework. In October, during the expanded BRICS summit in Kazan, Putin said that several BRICS countries are world leaders in terms of the volume of grain, pulses and oilseeds produced – therefore, the opening of a grain exchange of the association will help to create fair indicators of grain prices in the world.