Conceptual model of BRICS exchange prepared - Russian Economic Development Ministry

MOSCOW. June 22 (Interfax) - The BRICS countries continue to work on creating the association's exchange.

"A conceptual model of the exchange's operation has been prepared," the press service of the Russian Economic Development Ministry told Interfax.

Common approaches to technological requirements and the functioning of this trading platform are currently being developed together with a number of partners, the ministry said.

As reported, the National Plan for the Development of Competition for 2026-2030 provides for the development and approval of a work plan for the creation of a BRICS exchange by July 1, 2026. The departments responsible for executing the plan are the Economic Development Ministry, the Finance Ministry, the Agriculture Ministry, the Federal Antimonopoly Service (FAS) and the Industry and Trade Ministry with the participation of the Central Bank of Russia and interested organizations.

Initially, the discussion was about creating a BRICS grain exchange. This proposal was made by the Russian Union of Grain Exporters and Producers at the end of 2023. In the spring of 2024, this idea was supported by President Vladimir Putin, who at the same time expressed the wish that such an exchange would eventually be transformed into a full-fledged commodity exchange. The Kazan Declaration, adopted following the BRICS summit in the autumn of 2024, spoke of the creation of a grain (commodity) trading platform within BRICS and its subsequent development, including covering other agricultural sectors.

In April 2025, the Russian initiative was officially supported by the BRICS agriculture ministers.

According to the assessment of the Union of Grain Exporters and Producers, trade in agricultural and related products on this exchange could exceed $1 trillion in the future.