Russia and UAE discuss establishment of BRICS grain exchange

Russian Deputy Prime Minister Dmitry Patrushev and UAE Minister of Economy Abdullah bin Touq Al-Marri discussed plans to establish a grain exchange for the BRICS countries during a meeting on the sidelines of the St. Petersburg International Economic Forum (SPIEF) 2025.

“The United Arab Emirates is one of Russia’s most important economic partners in the Middle East, and the agro-industrial sector significantly contributes to bilateral trade,” Patrushev said. He highlighted that trade in agricultural products between the two countries grew by nearly one-third last year, with grain being Russia’s primary agricultural export to the UAE.

Patrushev underscored the strategic value of establishing a BRICS grain exchange, a Russian initiative designed to simplify grain trading within the group. He emphasized that the proposed exchange would reinforce global food security by enabling BRICS nations—which collectively account for nearly half of global grain and oilseed consumption—to set independent and objective price indicators for agricultural commodities.

The establishment of a grain exchange among BRICS countries is expected to facilitate fairer pricing practices and enhance market stability internationally, Patrushev added.