Russia plans to boost food exports to the UAE and promotes BRICS grain exchange
Russia plans to increase exports of food products and fertilizers to the United Arab Emirates, as well as jointly develop a grain exchange to facilitate trade among BRICS countries. The statement was made on Wednesday by a Russian deputy prime minister, according to Reuters.
“Domestic companies are interested in further expanding exports to the UAE market, not only for food products but also for mineral fertilizers,” said Dmitry Patrushev following a meeting with UAE Vice President Mansour bin Zayed Al Nahyan.
The statement was published on the Russian government’s official website.
Russia accounts for about one-fifth of global fertilizer trade, which has faced disruptions due to shipping constraints in the Strait of Hormuz and ongoing tensions in the Middle East.
At the same time, the country is the world’s largest grain exporter. Moscow is also promoting the idea of establishing a grain exchange aimed at simplifying trade among BRICS countries — including China, Brazil, India, Egypt, and South Africa, all major producers and consumers of agricultural commodities.
Earlier, in March 2024, Russian President Vladimir Putin supported the initiative to create a BRICS grain exchange.
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