Russia
Source: brics-plus-analytics.org

BRICS+ Analytics is proud to present a special issue of the BRICS Journal of Economics under the title: "Changing the Global Monetary and Financial Architecture: The Role of BRICS-Plus". Yaroslav Lissovolik, the Founder of BRICS+ Analytics, contributed the editorial article to this special issue and served as the issue's co-editor. The articles of the special issues can be accessed via the following link:

https://brics-econ.arphahub.com/issue/4634

The editorial article by Yaroslav Lissovolik titled "BRICS expansion: new geographies and spheres of cooperation" can be accessed via the following link:

https://brics-econ.arphahub.com/article/120071

The special issue also contains a number of other articles on BRICS+ and the evolving architecture of the world economy:

Kazelko A, Semeghini US (2024) Expansion of BRICS: Implications for global energy markets. In: Sheresheva M, Lissovolik YD (Eds) Changing the Global Monetary and Financial Architecture: The Role of BRICS-Plus. BRICS Journal of Economics 5(1): 53-67. https://doi.org/10.3897/brics-econ.5.e117048

Rahman AM (2024) Voluntary insurance for rapid growth digital banking: Seeking attentions for policy-design in Pakistan-economy. In: Sheresheva M, Lissovolik YD (Eds) Changing the Global Monetary and Financial Architecture: The Role of BRICS-Plus. BRICS Journal of Economics 5(1): 35-52. https://doi.org/10.3897/brics-econ.5.e121606

Saaida M (2024) BRICS Plus: de-dollarization and global power shifts in new economic landscape. In: Sheresheva M, Lissovolik YD (Eds) Changing the Global Monetary and Financial Architecture: The Role of BRICS-Plus. BRICS Journal of Economics 5(1): 13-33. https://doi.org/10.3897/brics-econ.5.e117828

BRICS+ Analytics would like to thank the editorial team of the BRICS Journal of Economics (in particular Marina Sheresheva and Evgeniy Kapoguzov) for all the support and assistance in preparing the editorial article and the Journal's Special issue!

We would also like to refer our readers to the article titled "A BRICS currency?" recently published by a prominent Brazilian economist Paulo Nogueira Batista Jr. in the Journal of Contemporary World Economy:

https://cwejournal.hse.ru/index.php/cwejournal/pnoguiera-3-2023

Russia
Source: en.interaffairs.ru

In a move that could shake up the global agricultural market, Russia is pushing to establish a BRICS grain exchange. Russian President Vladimir Putin has endorsed the initiative, which seeks to rival the Western-dominated grain pricing system and challenge the US dollar as the world's main trading currency, writes 'The South China Morning Post'.

Despite its conflict with Ukraine and the sanctions imposed by Western countries, Russia remains a major agricultural player, supplying nearly a quarter of the world grain market, according to Russian data. It exported at least US$43.5 billion of agricultural exports last year and plans to export up to 65 million tonnes of grain this year.

A BRICS grain exchange would bring together some of the world's biggest grain buyers and exporters. Last year, members of BRICS (Brazil, Russia, India, China and South Africa) accounted for an estimated 42 per cent of global grain production at nearly 1.2 million tonnes, and 40 per cent of global consumption, according to Russia's agricultural ministry.

With the inclusion of Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia this year, the bloc's estimated grain output now surpasses 1.24 billion tonnes, with consumption at 1.23 billion tonnes.

There are implications for the West too. A BRICS grain exchange could bolster Moscow's geo-economic influence over the participating nations. It would reinforce Russia's role as a vital supplier of grain and fertiliser to these countries, enhancing their economic reliance and maintaining the Putin government's considerable economic and diplomatic leverage.

For BRICS members, such a grain exchange could reduce uncertainty by helping to ensure a stable supply of grain amid global supply chain disruptions and escalating food insecurity concerns.

Many BRICS members are resource-rich countries and their top exports include crude petroleum oil (such as from Iran and the UAE), iron ore, soybeans and sugar (from Brazil), fertilisers (from Russia and China), and coffee and oilseeds (from Ethiopia). Given this abundance, a grain exchange among them could pave the way for stronger inter-regional trade or even a broader Brics commodities exchange.

A BRICS grain exchange could strengthen geopolitical and geostrategic alignment between participating nations through stronger agricultural and trade ties with Russia, potentially leading to shifts in the global power dynamics.

Russia's proposal of a BRICS grain exchange has significant implications for global agricultural dynamics, ranging from geopolitical and geo-economic realignments to increased competition in agricultural trade. For traditional exporters such as Australia and the US, it is a call to reassess their national policies and strategies to navigate the evolving landscape of international trade to maintain competitiveness.

Russia
Source: tass.com

Russia's agrarian export to BRICS markets is on the rise as it surpassed $9 bln in 2023, which is 2.6 times higher than in 2019

MOSCOW, April 2. /TASS/. Russia's trade turnover with BRICS countries rose to $294 bln in 2023, which accounts for 41.4% of total volume of Russia's foreign trade, President of the Chamber of Commerce and Industry of the Russian Federation, Chairman of the BRICS Business Council in 2024 Sergey Katyrin said.

"Russia's trade turnover with BRICS partners amounted to record $294 bln in 2023 (41.4% of the country's total foreign trade) and grew 2.4-fold compared with 2019-2020," he said at a meeting of the Chamber's press club devoted to issues of food security in member states.

Russia's agrarian export to BRICS markets is also on the rise as it surpassed $9 bln in 2023, which is 2.6 times higher than in 2019, Katyrin added.

According to calculations made by Russia's Union of Grain Exporters mentioned by President of the Chamber of Commerce, BRICS nations totally produced 1.17 bln tons of grain per day as of the end of 2023 (42% of global production), while their consumption totaled 1.1 bln tons (40% of global consumption). BRICS countries' wheat production amounted to 348 mln tons per year in 2023 (44% of global production), while their wheat consumption equaled 320 mln tons (40% of global consumption). Corn production reached 474 mln tons in the reporting period (39%), while corn consumption amounted to 437 mln tons (37%).

Having expanded since 2024 due to net grain importers, such as Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, the BRICS integration has made production and consumption of key grain cultures inside the group almost equal, Katyrin said. After the BRICS expansion grain production by the group will reach 1.23 bln tons per year (44% of global), while consumption will maximally approach production, reaching 1.22 bln tons (also 44%). A similar situation is expected regarding wheat as production after expansion due to five countries will total 376 mln tons (48%), while consumption will equal 371 mln tons (47%). Corn production and consumption will amount to 493 mln tons and 479 mln tons, respectively.

Katyrin mentioned mutual settlements and logistics as the most relevant issues of BRICS cooperation. The share of the dollar in mutual settlements of BRICS countries only stands at 28.8%, with the remainder corresponding to national currencies, he said, adding that the use of digital assets is regarded as the most promising area in settlements.

Russia
Source: mid.ru

The Russian Federation's BRICS chairmanship is gaining momentum, and several dozen events have been held at the ministerial and expert levels in all three main areas of cooperation that include politics and security, the economy and finance, and cultural and humanitarian contacts.

Russia's BRICS chairmanship has always relied on the principles of consensus and continuity. The harmonious integration of new participants into the existing mechanisms of interaction remains the most important objective. In this regard, we have noted the active stance of the newly acceded countries, which are keenly interested in aligning their activities within the association.

Pursuant to the leaders' instruction that is laid out in the final declaration of the BRICS summit in Johannesburg (August 22-24, 2023), a discussion is underway to identify modalities for establishing a new category of BRICS Partner Countries. The results of this work will be presented at the meeting of the BRICS Foreign Ministers in Nizhny Novgorod on June 10-11, and then the heads of state will review the resulting recommendations at the 16th BRICS Summit in Kazan on October 22-24.

Our chairmanship priorities include improving coordination among the BRICS countries at international venues. Agreeing on the language of a joint BRICS declaration during the sixth session of the UN Environment Assembly (Nairobi, February 26-March 1) was a good outcome of this work. We hope to continue this practice.

Interaction in the area of counter-terrorism and combating crime has improved. On February 7, the BRICS Council on Combating Money Laundering and Financing of Terrorism held a meeting, via videoconference, to review initiatives aimed at enhancing the transparency of financial systems, minimising risks, mitigating threats, and strengthening public-private partnerships. The second meeting of this mechanism will be held on the sidelines of the international scientific and practical forum, Actual Issues of Combating Money Laundering and Financing of Terrorism, in Nizhny Novgorod on April 24.

The BRICS finance ministers and central bank governors met in Sao Paulo, Brazil, on February 27 on the sidelines of the G20 events. They discussed the global economy prospects, the state of the BRICS countries' economies, and cooperation priorities in customs, taxes, insurance and reinsurance, as well as cooperation between the BRICS countries' stock exchanges.

An online meeting of the BRICS Contact Group on Trade and Economic Issues was held on March 4-5. Proposals aimed at supporting sustainable economic growth and measures to counter unilateral trade restrictions and to support the multilateral trade system were reviewed.

Initiatives on energy security, technological cooperation, and energy sector personnel training, as well as a project on sharing best practices to reduce greenhouse gas emissions, including through the greater use of natural gas, were presented at the meeting of the BRICS Committee of Senior Energy Officials on February 26-27 that was held at the Russia International Exhibition and Forum in Moscow. The participants discussed the BRICS Energy Research Platform's work plan.

The Working Group under the Agreement between the BRICS space agencies met on February 27 to discuss cooperation in remote sensing satellite constellation with the participation of new BRICS members.

We focus in particular on strengthening the BRICS partnership in public health. On February 13, Moscow hosted the first meeting of the BRICS Working Group on Nuclear Medicine, which brought together lead specialists from major research and medical centres, as well as manufacturers of medical radioisotopes and radiopharmaceuticals. Experts met online on March 27 to discuss the launching of an Integrated Early Warning System for Preventing Mass Infectious Disease Risks.

Humanitarian cooperation has traditionally been the centerpiece of the BRICS agenda. In particular, the BRICS countries' crisis management centres have held a training session to practice sharing live updates in emergencies. The 3rd International Youth Volunteer Conference, BRICS to You, was held in Moscow on February 15. It brought together about 500 young leaders from 29 countries. A theme-based discussion, BRICS: New Challenges in an Era of Global Development, was held as part of the World Youth Festival at Sirius. On April 3, there will be a presentation of the BRICS Youth Summit which has established itself as a popular platform of high standing for a dialogue between young leaders from the BRICS countries.

The Expert Council on the Russian Federation's Participation in BRICS was launched at the Higher School of Economics. It will engage in expert, analytical and research activities covering BRICS' political, socioeconomic and humanitarian cooperation priorities. All of that was done during the first quarter of Russia's BRICS chairmanship.