Egypt's Mercantile Exchange Signs MoU with Russia’s SPIMEX to Boost BRICS Integration

The Egyptian Mercantile Exchange (EMX) has signed a Memorandum of Understanding (MoU) with Russia’s St. Petersburg International Mercantile Exchange (SPIMEX) to enhance bilateral cooperation in commodity trading, market integration, and the exchange of expertise, as part of broader efforts to deepen economic ties between the two countries.

The agreement was signed by Zakaria Hamza, EMX's Chairman, and Igor Yurievich Artemiev, President of SPIMEX, in the presence of Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre.

The signing took place on the sidelines of a meeting of the BRICS Working Group on Competition in Food Markets, jointly organized by the BRICS Competition Law and Policy Centre and Egypt’s Competition Protection Authority.

Under the MoU, the two exchanges will cooperate in facilitating commodity trading, exchanging technical and operational expertise, harmonizing trading regulations, and sharing analytical data and market intelligence related to commodity markets in Egypt and Russia. The agreement is expected to help accelerate trade flows and ease market access for registered brokers in both countries.

Hamza said the MoU focuses initially on the exchange of technical and operational know-how, with the possibility of commodity trading integration at a later stage.

He added that the agreement could represent the first practical step toward developing a “BRICS Exchanges Initiative,” noting that Russia was selected as a strategic partner given its position as the world’s largest grain exporter.

The meeting, held under the title “Creating a Level Playing Field in Global Grain Trade,” explored practical avenues for cooperation among BRICS competition authorities, particularly in light of changes in global grain value chains, market structures, and concentration levels.

Participants also discussed mechanisms for developing the first cross-border commodity trading bridge between Egypt and Russia, envisioned as a pilot project that could pave the way for a broader BRICS commodity exchange network.

Commenting on the initiative, Alexey Ivanov said there is significant untapped potential for expanding commodity and raw material trading through exchanges within the BRICS framework.

“This is a promising direction,” Ivanov said, noting that BRICS countries include some of the world’s largest producers of grains, fertilizers, fish, and oil, while also being major consumers of these resources.

However, he pointed out that global benchmark prices for many key commodities are either absent or still determined by Western exchanges.

“Today, the main benchmark prices for grains are set on trading platforms in Chicago and Paris,” Ivanov said. “These benchmarks are designed for different markets, with different challenges, risks, and opportunities.”