Iran Pushes for National Currency Trade at BRICS Summit

Iran President Masoud Pezeshkian called for an expansion of trade settled in national currencies among BRICS members. The move aims to reduce reliance on existing financial systems that expose emerging economies to political shocks.

Pezeshkian made the remarks during the concluding session of the two-day BRICS Summit in India. He criticized unilateral sanctions, stating they directly impact global food security and welfare. The comments come weeks after the United States imposed new economic sanctions on Iran.

Reducing Dependence on Western Financial Systems

The Iranian leader argued that excessive dependence on current trade frameworks makes nations vulnerable. He stated that no single center of power should determine the economic destiny of others. Pezeshkian emphasized that BRICS must evolve beyond a cooperation framework into a balanced global economic structure.

He highlighted Iran’s geopolitical position and energy capacities as assets for new trade corridors. The president suggested that strengthening the New Development Bank would enhance economic resilience for member states. This approach seeks to create a system that protects nations from future crises.

Security and Economic Resilience Linked

Pezeshkian linked economic stability to security, referencing military actions against Iranian infrastructure. He warned that damage to energy and industrial assets creates regional and global repercussions. The president stated that sustainability is impossible without peace and security.

He noted that civilians have paid a heavy price for recent conflicts. Pezeshkian called on the international community to prevent the normalization of attacks on civilian targets. He urged BRICS to defend national sovereignty and territorial integrity more effectively.

Global South Cooperation and Sustainability

The Iranian president emphasized that no country can address global challenges alone. He called for transforming the capacities of the Global South into shared capabilities. Pezeshkian warned that development increasing inequality or shifting costs to future generations is not sustainable.

He thanked India and Prime Minister Narendra Modi for hosting the summit. Pezeshkian said the theme of resilience, cooperation, and sustainability reflects fundamental global needs. The source GN markets/fx (en-US) reports that these calls for structural change mark a significant diplomatic shift in emerging market policy.