Current Affairs - International - Discussion

Russia proposed the establishment of a BRICS Grain Exchange during the 2024 BRICS Summit in Kazan, and the idea was later endorsed in the Kazan Declaration. The initiative is designed to strengthen agricultural trade within the BRICS grouping by creating independent grain pricing benchmarks. This would reduce reliance on existing Western-dominated exchanges such as the Chicago Mercantile Exchange (CME), thereby offering BRICS nations greater autonomy in agricultural trade. For India and other BRICS members, the exchange holds potential to stabilise pricing, enhance food security, and foster a more balanced global agricultural market.