At the BRICS summit in Kazan, Russian President Vladimir Putin highlighted the economic opportunities within the member countries.
He proposed establishing a joint grain exchange and a BRICS investment platform.
He also emphasized the need for a "balanced approach" to climate issues, ensuring that the climate agenda does not impede market competition.
“We suggest the creation of a new BRICS investment platform, which would serve as a robust mechanism for bolstering our national economies and providing financial support to nations in the global South and East,” he said.
The three-day BRISC summit, which included representatives from 36 countries such as China, India, the UAE, and South Africa, highlighted the shortcomings of U.S.-led initiatives aimed at isolating Russia due to its involvement in Ukraine.
The coalition that started with Brazil, Russia, India, China, and South Africa has grown to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia.
Turkey, Azerbaijan, and Malaysia have officially submitted applications for membership, and many other countries have shown interest in joining as well.
Putin stated that several BRICS nations rank among the top producers of grain, legumes, and oilseeds globally.
He suggested establishing a BRICS grain exchange to help create fair and reliable price indicators for these products and raw materials, emphasizing its importance in maintaining food security.
This initiative aims to safeguard interests against negative external influences, speculation, and the artificial scarcity of food items.
The Kremlin has positioned BRICS as a rival to the Western-led global system and intensified its outreach to Global South nations following its military intervention in Ukraine in February 2022.
Russia has actively advocated for the establishment of a new payment system to provide an alternative to the SWIFT banking network, enabling Moscow to circumvent Western sanctions and engage in trade with its partners.
The Kremlin has characterized the BRICS Summit as one of the most important foreign policy events in Russia's history.
