News – Government of Russia

Deputy Chairman of the Government of the Russian Federation Dmitry Patrushev held a working meeting with the Minister of Economics of the United Arab Emirates Abdullah Bin Tuk Al-Marry. The event was held on the fields of the XXVIII St. Petersburg International Economic Forum. The parties discussed the cooperation of the two countries, in particular, as part of the creation of the BRICS grain exchange.

“The relations of the Russian Federation and the United Arab Emirates are strategic. Arab emirates are one of the most important economic partners of Russia in the Middle East. The agro -industrial sector makes a great contribution to the development of trade. Last year, the trade turnover of agricultural products between our countries grew by almost a third. Russia is one of the world leaders of grain exports. These products are just the basis of Russian supplies to the United Arab Emirates. We are counting on further cooperation. At the same time, we consider it important to develop a dialogue in the framework of the BRICS association. It accounts for almost half of the world consumption of grain and oilseed crops, ”said Dmitry Patrushev.

The Deputy Prime Minister recalled that Russia came up with the initiative to create a Grain Exchange of BRICS countries, which should simplify grain trade within the organization. Dmitry Patrushev noted that the creation of a grain exchanger BRICS will strengthen global food security. The participating countries will be able to form independent price indicators within the framework of the association, which will contribute to a more objective assessment of the value of agricultural products in the world market.