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The most pertinent development recently is the formation of the BRICS Grain Exchange, officially established in 2024. This exchange aims to facilitate trade among member countries using their own currencies, thus bypassing the US dollar and traditional Western financial systems. This initiative is seen by supporters as a way to enhance the economic independence of BRICS nations.
In 2024, the global grain production is expected to reach a record 2.31 billion tons, with BRICS countries holding an unmistakable share. Despite challenges, such as a 14% decline in Russia's grain production, Brazil and China have reported record harvests.