‘BRICS Leaders Expect a Genuine Transformation of Grain Trade Mechanisms’

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On February 4–5, 2026, the HSE BRICS Competition Law and Policy Centre (BRICS Competition Centre), together with the Egyptian Competition Authority (ECA), held a meeting of the BRICS Working Group for the Research of Competition Issues in Food Markets in Cairo. The antimonopoly authorities agreed to launch a joint analysis of the grain sector to be conducted with the support of the BRICS Competition Centre and based on the centre’s research report. On the sidelines of the event, a cooperation agreement was also signed between the St Petersburg International Mercantile Exchange (SPIMEX) and the Egyptian Mercantile Exchange.

Alexey Ivanov, Director of the HSE BRICS Competition Law and Policy Centre, presented a conceptual vision for the structure and content of the forthcoming BRICS authorities’ study on food markets. It is expected to include an in-depth analysis of global grain trade, taking into account new forms of harm and risks associated with the conduct of key market players, primarily global grain traders.

He called on BRICS competition authorities to assume a more active and coordinated role: conducting joint market studies, considering potential anti-cartel actions, and participating in the creation of a BRICS grain platform capable of genuinely transforming trading rules and enhancing the resilience and fairness of the market.

Alexey Ivanov (centre) with the leadership of the Indonesian Competition Commission (KPPU)

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‘BRICS leaders in the Kazan and Rio de Janeiro declarations highlighted the need to establish a BRICS grain exchange. Competition authorities may feel this falls outside their remit; however, without a pro-competitive architectural design, such a platform will simply reproduce the market’s existing problems. For the platform to be meaningful, it must be transparent, inclusive, and sustainable, and it must contribute to food security while delivering benefits to both consumers and farmers. BRICS leaders expect not the creation of formal, empty institutions, but a real transformation of grain trade mechanisms,’ said Alexey Ivanov.

Andrey Tsyganov, Deputy Head of the Federal Antimonopoly Service of Russia, described the centre’s research report ‘From Fields to Futures: Competition, Financialisation, and Digitalisation in Global Grain Value Chains’ as a unique study that not only outlines the problematic aspects of the global grain market but also offers recommendations for BRICS antimonopoly authorities on changing the existing rules of the game. In his view, the complexity of current challenges requires a joint response ‘through practical cooperation, joint investigations, and coordinated measures.’

Maxim Yermalovich, Minister in charge of Competition and Antitrust Regulation of the Eurasian Economic Commission (EEC), emphasised the need for a unified methodology for market studies, political support from governments, and a focus on practical outcomes.

‘The key result of the first study should not simply be a description of the market, but concrete recommendations and guidelines for the antimonopoly authorities of BRICS countries that enable them to initiate investigations, coordinate actions, and exert a real influence on how markets function,’ he said.

Gustavo Augusto Freitas de Lima, President of Brazil’s antitrust authority, the Administrative Council of Economic Defence (CADE), noted that such joint studies, while not a form of enforcement, can serve as a foundation for policy development and subsequent investigations. He also highlighted the grain sector as a priority area for such analysis, particularly given the scale of BRICS populations and their role as major agricultural producers.

‘I take part in meetings of various authorities within organisations such as UNCTAD and the ICN (International Competition Network), and at present it is extremely difficult to implement multilateral initiatives within the traditional UN system and similar structures. Against this backdrop, BRICS appears to be a very promising alternative,’ he said. ‘Despite significant cultural differences, our countries have much in common. It is a less bureaucratic environment than the UN, and BRICS lacks a rigid institutional structure, which makes it easier to launch initiatives of this kind.’

Left to right—Tembinkosi Bonakele, Igor Artemiev, Gustavo Augusto Freitas de Lima, Maxim Yermalovich, Mahmoud Momtaz, Andrey Tsyganov

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Fanshurullah Asa, Chair of the Indonesian Competition Commission, noted that Indonesia is both a major importer and exporter of agricultural products but is effectively embedded in global chains controlled by transnational companies, which limits national autonomy in price formation and food security. He stressed that Indonesia is ready to take an active part in the joint study on grain market issues. ‘Our aim is to ensure that the benefits of global integration are not achieved at the cost of systemic vulnerability, the displacement of small market participants, and the erosion of competitive market structures,’ said Fanshurullah Asa.

Kagiso Zwane, Senior Economist at the Competition Commission of South Africa, assured participants that the commission is ready to contribute to the study under the auspices of the BRICS Centre. ‘Market transparency is fundamental to the functioning of competition and fair trade. The need for transparent markets is becoming particularly pressing in the context of climate change, which is beginning to shape market formation. Whereas abundance used to be the norm and shortages the exception, we are now witnessing the opposite trend,’ the South African representative said.

An AI Agent for Authorities

BRICS competition authorities also expressed support for the initiative of the HSE BRICS Competition Centre to develop a digital platform for inter-agency cooperation focused on AI-based data collection and analysis.

Alexey Ivanov noted that in an era of increasing digitalisation, such tools—so-called AI agents—are already widely used in everyday life. ‘There is no reason why antimonopoly authorities could not use them to facilitate information exchange,’ he said. ‘We are talking about processing aggregated data without using personal or confidential information. These tools can be effectively trained and could become the next step in the development of our cooperation.’

Gustavo Augusto Freitas de Lima supported the idea, stressing that information is a key resource for competition authorities and that establishing data exchange within BRICS would be a valuable asset. He pointed out that international cartel investigations are complicated by significant information asymmetries, as many agreements are concluded outside national jurisdictions, while the lack of data on investigations in other countries makes it difficult to conduct domestic inquiries and summon witnesses.

‘At this stage, it would be advisable to focus on creating a platform for collecting and standardising certain types of data, as well as informing authorities about what data should be collected and how,’ he said.

Mohammed El-Beltagi, CEO of the IT company Optomatica, believes that BRICS countries could establish an information-sharing system on mutual trade that would significantly reduce the influence of a small group of key global traders and enable verification and cleansing of trade transaction data. Such a tool could also undergo stress testing to simulate potential manipulation scenarios and identify vulnerabilities in data-cleansing mechanisms, helping to build a resilient, transparent and open system for all BRICS countries.

The HSE BRICS Competition Centre will take responsibility for developing a unified methodology and core digital tools, including language models, to support such an AI platform.

The First Step Towards a BRICS Grain Exchange

On the sidelines of the Working Group meeting, a memorandum of understanding was signed between the St Petersburg International Mercantile Exchange (SPIMEX) and the Egyptian Mercantile Exchange (EMX). The parties agreed to cooperate in promoting commodity trade, exchange information and analytical data on market conditions, and other initiatives. The first product categories for cooperation are expected to include food commodities, energy resources, and mineral fertilisers as part of the agricultural value chain.

Signing Ceremony for the Memorandum of Understanding between SPIMEX and EMX

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Igor Artemiev, CEO of the St Petersburg International Mercantile Exchange, said that exchanges are key market institutions of ‘soft power,’ capable of systematically and rapidly dismantling cartels and monopolies without costly criminal investigations or heavy administrative pressure. ‘The signing of the agreement with the Egyptian Mercantile Exchange marks our joint movement towards developing a BRICS exchange and establishing additional contacts—both through us and through them—with exchanges in other countries.’

The BRICS Competition Centre is currently working jointly with the St Petersburg International Mercantile Exchange on the concept of an international BRICS exchange.