Iran: BRICS must accelerate de-dollarization of global economy

President Masoud Pezeshkian of Iran says the BRICS group of emerging economies must strengthen efforts to reduce the dominance of the dollar over the global economy through practical solutions.

That includes, Pezeshkian said in an address to a BRICS meeting in Kazan on Wednesday, creating a BRICS currency basket or a new settlement mechanism independent of the dollar.

The world cannot afford to pay the costs of America’s misguided financial policies due to the dominance of the dollar in the world economy, Pezeshkian stated.

“Independent countries can no longer bear the costs of incorrect financial policies or inefficiencies in combating organized corruption within their financial sectors.”

The world must also deal with Western unilateralism, which continues to “threaten the foundations of global peace and cooperation,” Pezeshkian said.

“Over more than three decades since the collapse of the bipolar system, it has become increasingly clear that from the perspective of Western powers, peace, democracy, prosperity, and development can only be achieved through pathways defined by them,” he said.

“This monopolistic outlook has resulted in increased violence, war, and terrorism on the one hand, and unprecedented use of economic and political sanctions on the other.”

Citing statistics, Pezeshkian said the United States has imposed sanctions on other countries more than three times as frequently as it did over the previous decade.

The flip side of Western unilateralism has been various wars, with the most unjust and painful one currently occurring in occupied Palestine and Lebanon, he said.

“What we are witnessing today in Palestine and Lebanon is a deepening foundation of war and violence due to the disregard for the basic rights of people who seek nothing but sovereignty over their ancestral lands. The continuation of this situation undoubtedly poses a threat to global security and peace.”

Pezeshkian urged all the BRICS members to utilize their capacities to stop the war in Gaza and Lebanon, address the plight of refugees, and reduce tensions in the region.

‘Hopes for fairer world unfulfilled’

The Iranian president said the formation, continuity, and expansion of BRICS over the past 15 years have provided an opportunity for countries and the global community to not tie their destinies solely to the demands and desires of Western powers but to create pathways for broader participation by emerging powers in global economic governance.

However, the president said 15 years after the creation of BRICS, many hopes for creating a fairer, safer, and more prosperous world in the post-Cold War era remain unfulfilled.

Pezeshkian said BRICS must act with greater determination to fulfill its mission of amplifying unheard voices in the global community.

President Pezeshkian in Kazan for 2024 BRICS summit

Upon arrival, the Iranian president held talks with Prime Minister Narendra Modi of India.

“BRICS should not merely exist as a dialogue club; its decisions must have enforceable mechanisms with appropriate tools established for their realization.”

“The growth of economic cooperation levels—including investment amounts and mutual trade among BRICS members—can serve as an annual measure of success or failure for BRICS.”

Pezeshkian emphasized Iran's commitment to the ideals of BRICS, which include reforming global governance, promoting multilateralism, and fostering inclusive economic growth.

“Iran will earnestly strive to ensure that BRICS successfully advances its mission of reforming global economic governance structures while creating alternative opportunities for development and prosperity for the Global South without succumbing to political biases or geopolitical disputes.”

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