Iran's Call for Trade De-Dollarisation at BRICS Summit

Iranian President Masoud Pezeshkian advocates reducing reliance on Western financial systems at the BRICS Summit in New Delhi. He urges the use of local currencies in trade, while proposing initiatives to mitigate currency risks, enhance infrastructure financing, and boost economic security amongst BRICS nations.

At the BRICS Business Forum during the 18th BRICS Summit in New Delhi, Iranian President Masoud Pezeshkian urged member nations to move away from the US dollar in trade, advocating greater use of local currencies. Highlighting the vulnerabilities of non-Western economies due to sanctions and financial restrictions, Pezeshkian emphasized the need for establishing mechanisms to manage currency volatility.

Pezeshkian detailed strategic proposals to shield BRICS economies from Western political and financial pressures. He stressed the importance of the New Development Bank (NDB) in financing infrastructure and energy projects, suggesting the use of local-currency financing and guarantees to attract private investment.

The Iranian President called for integrating trade infrastructure through digitalisation and standardisation, proposing a joint reinsurance company to cover risks for major projects. Pezeshkian also highlighted the importance of BRICS' role in the digital economy, encouraging collaboration on cybersecurity and digital standards as the group adapts to advancements in artificial intelligence.