Russia is ready to develop commodity exchanges within the BRICS group of nations, an initiative aimed at creating a foundation for sustainable trade and industrial cooperation, an official from the Russian Export Centre (REC) said.
Speaking in an exclusive commentary at the St. Petersburg International Economic Forum (SPIEF), Anton Tsetsinovsky, the REC’s director for international cooperation and development, said that each BRICS member is capable of producing competitive goods.
He emphasised that the foundation of sustainable cooperation within the group lies not only in product supply but also in the development of deeper cooperation. This includes transport and logistics connectivity, industrial collaboration, the transition to settlements in national currencies, and the insurance of mutual deliveries.
“The initiatives currently under discussion, such as the creation of commodity exchanges in key sectors like metallurgy and agricultural production, are forming a foundation for sustainable trade and industrial cooperation within BRICS,” Tsetsinovsky said at the TV BRICS studio in the Roscongress International Cooperation Area.
According to him, Russia is ready to enter foreign markets with its technological solutions as well as its products. He said one of the priorities is the localisation of Russian developments in partner countries, which would ensure a sustainable presence in those markets.
Tsetsinovsky noted that BRICS spans almost all continents and that in today’s changing global economy, multifactor and multivector cooperation is essential.
