Russia proposed a platform for trading precious metals and diamonds at the BRICS Summit to counter excessive trade regulations.
At the BRICS Summit, Russia pushed for creating a BRICS platform to trade diamonds and valuable metals. Russia did this because it thought there were too many rules for global trade.
President Vladimir Putin said that hurdles that slow down the market must be removed. The meeting also supported a BRICS Grain Exchange to keep agricultural trade stable. This was one way that the countries tried to work together more and depend less on outside systems.
BRICS Summit Explores New Platforms for Precious Metals and Agricultural Trade
At the BRICS leaders’ meeting in Kazan on October 23, Russian President Vladimir Putin talked about making a BRICS platform for precious metals and diamonds to eliminate too many rules in this area. Putin said that the market is hurt by too many trade obstacles, saying
We see the feasibility in creating a separate BRICS platform for precious metals and for diamonds. This market is indeed excessively regulated by various trade barriers in circumvention of the universal certification scheme of the Kimberley Process.
He also said that the BRICS International Center of Antitrust Law and Politics was already progressing and needed to grow even more. Putin said, “We think it’s important to keep developing this area, including launching the intergovernmental platform on fair competition.”
When the Kazan Declaration came out during the meeting, it reaffirmed the BRICS nations’ promise to boost trade in precious metals among themselves, with a focus on unified standards. What the document said:
We support efforts to increase the turnover of precious metals within BRICS based on common quality standards.
There was also a lot of talk about continuing to back the Kimberley Process, which is the global system for certifying rough diamonds and controlling the trade in them.
The BRICS countries also agreed to work with African countries that unofficially make diamonds. This is to promote free trade and long-term growth in the diamond business worldwide.
Along with focusing on diamonds and precious metals, BRICS members supported Russia’s plan to create a grain trading platform. The Kazan Declaration said that the BRICS Grain Exchange would keep the flow of agricultural goods steady by reducing the problems that come from economic restrictions.
The group asked for a farm trading system with clear rules to keep trade barriers from being too high for both importers and exporters. The meeting emphasized how important it is for BRICS to set up its trade platforms to improve cooperation and lower regulatory hurdles from outside the group in many areas.
