Speaking at the 18th BRICS Leaders’ Summit in New Delhi, Iranian President Masoud Pezeshkian called on the organization’s members to expand trade in local currencies.
Pezeshkian said excessive dependence on a limited number of trading systems made countries vulnerable to sudden political developments. He said BRICS countries should therefore develop trade conducted in their own currencies.
Economic resilience and sanctions
Pezeshkian called for the development of the New Development Bank, saying it would strengthen BRICS countries’ capacity to withstand economic pressures.
The Iranian president said unilateral sanctions had adverse effects not only on economic conditions but also on food security and people’s welfare.
Pezeshkian said economic resilience alone would not be sufficient and stressed that security must also be ensured to sustain this capacity.
Iran’s role in BRICS
Pezeshkian said Iran’s geopolitical position could contribute to the development of trade among BRICS members. He said his country could contribute to economic cooperation within the organization.
Pezeshkian also said that events in the region and what he described as military attacks by the United States and Israel on Iran’s economy, energy sector and infrastructure had quickly crossed borders and produced global consequences.
BRICS expands to 10 members
BRIC, which included China, Russia, Brazil and India, was established as a forum in 2009. The grouping took the name BRICS after South Africa joined in 2011.
Egypt, Ethiopia, Iran and the United Arab Emirates joined the organization in 2024, while Indonesia joined in 2025. BRICS, which has thus expanded to 10 members, represents approximately half of the world’s population and around 40 percent of global economic output.
