India and Russia Discuss BRICS Grain Exchange Plan to Boost Agricultural Trade Ties
During a meeting in New Delhi, Prime Minister Narendra Modi and Russian Deputy PM Dmitry Patrushev discussed the creation of a BRICS Grain Exchange. This common agricultural food exchange aims to boost trade among BRICS member-countries and strengthen win-win cooperation in agriculture and food processing. The two sides also discussed the ongoing work on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU). Trade turnover between India and Russia reached a historic high in 2024, and both nations are looking forward to the 23rd India-Russia annual summit.
Key Points
- The BRICS Grain Exchange is proposed to facilitate agricultural trade within the bloc.
- Discussions included a potential Free Trade Agreement with the Eurasian Economic Union.
- Agricultural cooperation focuses on fertilizers, food processing, and mutual trade.
- Bilateral trade between India and Russia hit record levels in 2024.
Exam Facts
- Russian Deputy PM: Dmitry Patrushev.
- Proposed Body: BRICS Grain Exchange.
- Economic Bloc: Eurasian Economic Union (EAEU).
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