June 6, 2009

Russia eyes Asia Pacific grain market

Russian President Dmitry Medvedev says his country wants to increase grain exports to an expanding Asia Pacific market.

Speaking Saturday as the first World Grain Forum opened in St. Petersburg, Medvedev said the region is quickly turning into Russia's most promising market for grain and called for coordination among exporting nations to keep prices affordable, RIA Novosti reported.

Taking into account the extent of our borders, considering the size of our state, the Asia Pacific region is extremely significant for us, he said. We need to ensure that leading exporters coordinate their actions to maintain affordable prices on grain markets. The talk is actually about new policies in production and the international trade in grain.

St. Petersburg governor Valentina Matviyenko told RIA Novosti that the international forum participants would discuss the possibility of establishing a grain cartel.