Pezeshkian: Iran ready to act as strategic energy partner within BRICS
Tehran - BORNA - Addressing the BRICS Business Forum in New Delhi, Pezeshkian stressed that expanding the use of national currencies in intra-bloc trade is a vital step toward insulating member economies from political shocks inherent in the current financial system's reliance on a limited number of currencies. He emphasized that this transition must be accompanied by specialized instruments for currency risk management and mutual settlement mechanisms.
Reflecting on geopolitical pressures, the Iranian president noted that while Iran has faced extensive sanctions for years, these pressures entered a far more hazardous phase over the past year following military aggression by the United States and Israel. He asserted that economic security cannot be decoupled from national and regional security, warning that targeting a nation's trade, energy, or financial infrastructure creates ripple effects that jeopardize broader regional stability and the global economy.
To foster deeper economic integration, Pezeshkian called for moving beyond raw material exchanges toward shared industrial value chains. He outlined key measures to facilitate intra-BRICS trade, including the digitization and integration of customs procedures, the reduction of regulatory hurdles, and the expansion of cross-border investment mechanisms for the private sector.
The Iranian president presented a concrete proposal for the establishment of a joint BRICS reinsurance company with an initial capital of $10 billion to mitigate financial risks for major infrastructure and energy projects. He also called on the New Development Bank to serve as the primary engine for infrastructure financing by extending credit lines in local currencies and offering guarantees to mobilize private capital.
Turning to emerging technology, Pezeshkian urged BRICS members to actively shape standards in artificial intelligence and the digital economy rather than remaining passive consumers, while simultaneously strengthening the cybersecurity of critical infrastructure. He concluded by urging the BRICS Business Council to function as an executive driver of tangible results, measuring progress through clear metrics such as trade growth, local currency adoption, and private investment volume.
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