BRICS countries are moving forward with plans to establish a BRICS Grain Exchange and a digital investment platform aimed at attracting capital into special economic zones across member states, following an initiative put forward by Russia.
The projects are being developed collectively within the BRICS framework and are designed to boost trade turnover, strengthen logistics chains and deepen economic cooperation among member countries.
Speaking to TV BRICS, Nikita Kondratiev, Director of the Department of Multilateral Economic Cooperation and Special Projects at Russia’s Ministry of Economic Development, said work on the grain exchange was already well under way. He explained that the model and structure of the exchange had been agreed, with discussions continuing around payment systems, settlement currencies and mechanisms for managing risk.
According to Kondratiev, the key task for the coming year will be selecting the technological platform that will support the exchange’s core digital functions. This will include identifying which national exchanges from BRICS countries will be connected to the shared system.
The grain exchange is intended to support agricultural trade between member states while reducing barriers and improving price transparency across markets.
Alongside this initiative, BRICS has also launched the Invest Navigator of the BRICS SEZ, a digital platform designed to make cross-border investment within the bloc easier and more accessible. The platform allows investors to find information on special economic zones, including legal frameworks, tax incentives and preferential regimes available in different BRICS countries.
Kondratiev said the platform enables investors to register, submit applications and apply for residency in selected special economic zones with minimal administrative effort, helping to streamline investment decisions.
BRICS members are also looking to expand cooperation into new areas. Evgeniya Drozhshchikh, Deputy Director of the same department, highlighted the creative economy as a growing focus for collaboration. She said tools developed within the Shanghai Cooperation Organisation and the Greater Tumen Initiative could be adapted for BRICS markets.
Support for small technology companies is another priority area. BRICS held its first full-format Startup Forum in 2024, laying the groundwork for closer cooperation in innovation-driven sectors. Other emerging areas include the platform economy and the space economy.
Drozhshchikh noted that the global space economy is expected to grow rapidly in the coming decade, with estimates placing its value at around US$1.8 trillion by 2035. She said BRICS countries are positioning themselves to play a role in that growth.
Trade between BRICS countries continues to expand. Russia’s trade turnover with other BRICS members reached US$350 billion in 2024, with exports increasing by 11 per cent and imports by 4 per cent.
Beyond trade and investment, BRICS members are also exploring cooperation in tourism. Recent visa-free travel agreements involving Russia, China and Saudi Arabia are expected to increase tourist flows, while gastronomic tourism has been identified as a new area of collaboration within the bloc.
