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Iran Urges BRICS to Expand National Currencies in Trade — AI-generated representative image: An official addresses a BRICS business forum in a modern conference hall, illustrating discussions on trade and national curr

Editorial Team

Pezeshkian pushes for joint reinsurance, digital and energy cooperation at the New Delhi business forum.

Iranian President Masoud Pezeshkian called on BRICS member states to expand the use of national currencies in trade and to build practical networks of investment and financing, during his address to the BRICS Business Forum in New Delhi on Friday.

He argued that the grouping's real strength would emerge only when the economic capacities of its members are converted into concrete cross-border trade, investment and financing mechanisms, rather than remaining limited to dialogue.

The proposals come as BRICS seeks to position itself as a counterweight in a global economy increasingly shaped by geopolitical uncertainty, supply chain disruptions and the use of economic tools for political pressure. Pezeshkian framed the initiative as a step toward economic resilience through diversification of trade partners, financing sources and payment systems.

His remarks underline Iran's ambition to deepen its integration within the bloc and to present itself as a strategic partner in energy, food and transportation supply chains.

Key Proposals

Expanding the use of national currencies in intra-BRICS trade, supported by currency risk management and mutual settlement mechanisms.
Positioning the New Development Bank as a major financier for infrastructure and energy projects through special credit lines, local-currency financing and guarantees.
Establishing a joint BRICS reinsurance company with initial capital of $10 billion to cover risks in major infrastructure and energy projects.
Digitalizing and integrating customs procedures, removing regulatory barriers and expanding cross-border markets.
Strengthening cooperation on standardization to move beyond raw-material trade toward integrated value chains and joint industrial production.

BRICS Expansion and Economic Ambitions

BRICS has been working to broaden its economic cooperation beyond its original membership, with Iran joining the grouping as part of a wider expansion that has also brought in other emerging economies. The bloc has long discussed reducing reliance on dominant global currencies and financial systems, a theme Pezeshkian reinforced by warning against any single country monopolizing financial or technological instruments to disrupt legitimate trade.

The president described food and energy security as key pillars of economic security, citing Iran's major energy reserves and strategic geographic position as assets that could anchor the bloc's supply chains.

Technology, Cyber and Institutional Reform

Pezeshkian said BRICS should not merely consume artificial intelligence technology but should contribute to knowledge production and the development of digital-economy standards, while strengthening cybersecurity for critical infrastructure. He also urged the BRICS Business Council to shift from a forum for dialogue to an executive engine of economic cooperation.

Under that vision, the council's working groups would set concrete and measurable projects based on indicators such as intra-BRICS trade growth, the share of national currencies in trade and the volume of private investment.

What Lies Ahead

Pezeshkian concluded by expressing Iran's readiness to serve as an economic link within BRICS and to work with all members toward what he described as a more open, resilient and equitable global economy. The proposals are expected to be taken up by the BRICS Business Council and relevant working groups as the grouping considers its next phase of economic cooperation.