Iranian President Masoud Pezeshkian Calls For Deeper BRICS Integration To Counter Global Economic Pressures

Iranian President Masoud Pezeshkian on Friday called for greater economic integration among BRICS countries, saying economic security cannot be separated from national and regional security amid mounting geopolitical and military pressures on Iran.

Addressing the Leaders' Session of the BRICS Business Forum on September 11, Pezeshkian said Iran's experience with extensive sanctions had demonstrated the need to diversify trade partners, financing sources and payment channels.

He said military pressure on a country's trade, energy, infrastructure or financial systems could have consequences beyond its borders and threaten regional and global stability.

Pezeshkian urged BRICS members to move from fragmented cooperation towards greater integration of trade infrastructure. He proposed measures including the digitalisation and integration of customs procedures, reducing regulatory and administrative barriers, developing cross-border markets and facilitating joint private-sector investments.

He also called for stronger cooperation on standardisation, arguing that BRICS should evolve beyond being a market for exchanging raw materials and instead develop interconnected value chains and joint industrial production.

Highlighting food and energy security as key pillars of economic security, Pezeshkian said Iran's energy reserves and geographical position could enable it to become a strategic partner in BRICS energy, food and transport supply chains.

The Iranian president also advocated greater use of national currencies in trade between BRICS members, accompanied by mechanisms to manage currency risks and facilitate reciprocal settlements. He said the concentration of the global financial system around a limited number of currencies made it vulnerable to political shocks.

Pezeshkian further proposed that the BRICS New Development Bank become a major source of financing for infrastructure and energy projects in member countries through dedicated credit lines, local-currency financing and guarantees to attract private capital.

Another proposal from Iran was the establishment of a joint BRICS reinsurance company with an initial capital of $10 billion to cover risks associated with major infrastructure and energy projects and boost private-sector confidence.

On emerging technology, Pezeshkian said BRICS should not merely remain a consumer of artificial intelligence but should contribute to knowledge production and help shape standards for the digital economy. He also stressed the need to strengthen cybersecurity for critical infrastructure.