icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia offers to set up ‘grain OPEC’ to ensure stability & solve problem of world hunger

Russia offers to set up ‘grain OPEC’ to ensure stability & solve problem of world hunger
Russian Deputy Prime Minister Aleksey Gordeyev has suggested creating an organization of grain exporters similar to the Organization of Petroleum Exporting Countries (OPEC).

The offer to create an OPEC-type organization for grain exporters aims to ensure “the stability of the grain market, coordinate grain prices, and solve the problem of world hunger,” according to a statement from Gordeyev’s press service.

The idea was raised during Gordeyev’s meeting with German Minister of Food and Agriculture Julia Klockner and Minister-President of North Rhine-Westphalia Armin Laschet. They met on the sidelines of ANUGA-2019, the international trade fair for food and beverages, in Cologne.

Also on rt.com Russia seeks to ‘feed the whole planet’ – PM

According to Gordeyev, the future organization could “include Russia, the European Union, the United States, Canada, Argentina, [and] other nations.” He suggested discussing coordination among the world’s biggest grain exporters during the Green Week exhibition in Berlin.

Russian agricultural production has surged by 20 percent over the past five years. Grain harvests are projected to grow by five percent this year to 118 million tons, including around 78 million tons of wheat.

Russia has managed to capture more than half of the global wheat market in recent years, becoming the world’s biggest exporter of grain, thanks to bumper harvests and attractive pricing. Since the early 2000s, Moscow’s share of the global wheat market has quadrupled.

Also on rt.com Give non-GMO a go: Putin urges Russia’s agricultural expansion on international markets

President Vladimir Putin said recently that the country has ensured its independence on the global wheat market. Russia’s enormous natural resources should serve as a guarantee for high-quality food production and should be used specifically to increase the production of organic, non-GMO food products, Putin said.

The president predicted Russia’s agriculture exports will double by 2024 to reach $45 billion.

For more stories on economy & finance visit RT's business section

Podcasts