Addressing the BRICS Business Forum in New Delhi on Friday, President Pezeshkian said the grouping’s real strength will emerge when the economic capacities of its members are transformed into practical networks of trade, investment and financing. He stressed that economic resilience requires diversification of trade partners, financing sources and payment mechanisms.
The Iranian president said the growing use of economic tools for political pressure, along with geopolitical uncertainty and disruptions to supply chains, have made the global economic environment more complicated. He urged BRICS to develop mechanisms that would prevent any country from disrupting legitimate trade by monopolizing financial or technological instruments.
Pezeshkian also proposed greater digitalization and integration of customs procedures, the removal of regulatory and administrative barriers, expansion of cross-border markets and facilitation of joint private-sector investment. He also called for stronger cooperation on standardization so that BRICS could move beyond raw-material trade toward integrated value chains and joint industrial production.
He described food and energy security as key pillars of economic security and said Iran, given its major energy reserves and strategic geographic position, is ready to serve as a strategic partner in BRICS energy, food and transportation supply chains.
Pezeshkian identified expanding the use of national currencies in intra-BRICS trade as one of the most important steps, saying it should be accompanied by mechanisms for managing currency risks and facilitating mutual settlements. He also proposed that the New Development Bank become a major source of financing for infrastructure and energy projects through special credit lines, local-currency financing and guarantees to attract private investment.
He further proposed establishing a joint BRICS reinsurance company with initial capital of $10 billion to cover risks associated with major infrastructure and energy projects and increase private-sector confidence.
Turning to emerging technologies, Pezeshkian said BRICS should not merely consume artificial intelligence technology but should contribute to knowledge production and the development of digital-economy standards, while also strengthening cybersecurity for critical infrastructure.
He called on the BRICS Business Council to move from being a forum for dialogue to an executive engine of economic cooperation, with its working groups setting concrete and measurable projects based on indicators such as intra-BRICS trade growth, the share of national currencies in trade and the volume of private investment.
The Islamic Republic of Iran is ready to work alongside all BRICS members to build a more open, resilient, and equitable economy, President Pezeshkian underlined.
MNA
