BRICS Grains Exchange will boost MENA members food security

Although BRICS may overemphasize its potential compared to actual policy outcomes, Western reactions regarding grains pricing will be a catalyst to propel the idea further.

Russian President Vladimir Putin has expressed his support for the creation of a BRICS grain exchange “that would allow buyers to purchase directly from producers” and aims to “rival the Western-dominated grain pricing system and challenge the US dollar as the world’s main trading currency.” Member states seeking equitable natural resource exchange and relief from debt shackles have promoted this idea, arguing that their states are the “largest grain producers and exporters but have no leverage to influence the prices of the agricultural commodities critical for their food security.” The new exchange system is expected to launch ahead of the 2024 BRICS Summit in Kazan, Russia in October.