Iranian President Masoud Pezeshkian has called for deeper economic integration among BRICS member states, urging the bloc to move from potential cooperation toward practical, measurable economic partnerships.
Speaking at the BRICS Business Forum in New Delhi on Friday, President Pezeshkian said expanding the use of national currencies in trade among member states should be a major priority. He stressed that such a move should be supported by mechanisms for managing currency risks and reciprocal settlement, arguing that the current financial system is vulnerable to political shocks because of its reliance on a limited number of currencies.
The president also said geopolitical uncertainty, supply-chain disruptions and the growing use of economic tools for political pressure have complicated the global business environment. He argued that BRICS can strengthen its influence by transforming its economic potential into interconnected networks of trade, investment and financing.
President Pezeshkian highlighted digitalizing and integrating customs procedures, reducing regulatory and administrative barriers, developing cross-border markets and facilitating joint private-sector investment as key measures for expanding intra-BRICS trade.
He also called for stronger cooperation on standardization, saying BRICS should move beyond raw-material exchanges toward joint industrial production and integrated value chains.
The president identified food and energy security as two pillars of economic security and said Iran, given its major energy resources and strategic geographic position, is prepared to serve as a strategic partner in BRICS energy, food and transportation supply chains.
He proposed transforming the New Development Bank into a major financing engine through special credit lines, local-currency financing and guarantees designed to attract private investment. He also proposed establishing a joint BRICS reinsurance company with initial capital of $10 billion to cover risks associated with major infrastructure and energy projects.
President Pezeshkian further emphasized the importance of artificial intelligence, urging BRICS to participate not only in consuming technology but also in producing knowledge, shaping digital-economy standards and strengthening cybersecurity for critical infrastructure.
He said the BRICS Business Council should become an executive engine for economic cooperation, with measurable targets for trade growth, national-currency transactions and private investment.
The president said Iran is ready to help build a more open, resilient and equitable BRICS economy.