Putin Expects Proposals for BRICS Agricultural Products Exchange by July 1

BRICS nations aim to establish an agricultural products exchange, expand membership, and reform global financial systems, potentially reshaping international dynamics.

Bijay Laxmi
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Putin Expects Proposals for BRICS Agricultural Products Exchange by July 1

Putin Expects Proposals for BRICS Agricultural Products Exchange by July 1

President Vladimir Putin has set a deadline of July 1 for proposals to establish an agricultural products exchange in cooperation with BRICS countries. The move aims to enhance the role of the Global South in global matters and comes as the BRICS grouping, comprising Brazil, India, China, South Africa, and Russia, has admitted four new members: Egypt, Ethiopia, Iran, and the United Arab Emirates.

South Africa and Egypt are working to exponentially increase trade and investment, including through the establishment of a Business Council. The African Continental Free Trade Agreement (AfCFTA) is seen as an important blueprint for integration and facilitating easier trade among African nations.

The BRICS countries have also discussed addressing various global conflicts and the need to reform the United Nations Security Council to better reflect the realities of today's world. The proposed agricultural products exchange is anticipated to further strengthen economic ties and cooperation among the BRICS nations and their new members.

Why this matters: The establishment of a BRICS agricultural products exchange could significantly impact global trade dynamics and bolster the economic influence of the Global South. As the BRICS grouping expands its membership, it has the potential to reshape international economic and political landscapes.

The proposed exchange aligns with ongoing efforts by BRICS nations to enhance their financial cooperation. Russian Deputy Foreign Minister Sergey Ryabkov stated that BRICS nations are considering establishing a platform to unify their financial systems, including options like settlements in stablecoins or the creation of a BRICS Bridge multi-sided payment platform. Russian Finance Minister Anton Siluanov said the ministry, along with the Bank of Russia and BRICS partners, would draft initiatives to improve the international currency and financial system.

Key Takeaways

  • Putin sets July 1 deadline for BRICS agricultural products exchange proposal.
  • BRICS expands to include Egypt, Ethiopia, Iran, and UAE as new members.
  • BRICS discusses UN Security Council reform and addressing global conflicts.
  • BRICS agricultural exchange aims to boost economic influence of Global South.
  • BRICS considers unifying financial systems, including stablecoin settlements.