Iran11 September, 20262 min read
Masoud Pezeshkian Thanks India, Narendra Modi, Urges Deeper BRICS Trade, Investment Integration
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Pezeshkian thanked India and Modi for hosting the BRICS Summit. Called for deeper trade, investment and financial integration within BRICS.
Pezeshkian backs BRICS
Iranian President Masoud Pezeshkian thanked India and Prime Minister Narendra Modi for hosting the BRICS Summit in New Delhi and for efforts to strengthen cooperation among member countries. Pezeshkian said the participation of private-sector representatives, businesses and entrepreneurs could help turn BRICS cooperation into tangible economic outcomes as he addressed the BRICS Business Forum ahead of the leaders’ summit. He called for deeper trade, investment and financial integration, stressing economic resilience, diversified payment channels and stronger cooperation in technology.
Pezeshkian also warned that pressure on trade, energy, infrastructure and financial systems can have consequences beyond national borders, affecting regional stability and the wider global economy. He proposed the establishment of a BRICS joint reinsurance company with an initial capital of $10 billion to cover risks associated with large infrastructure and energy projects while increasing confidence among private-sector investors.
India sets business targets
Prime Minister Narendra Modi called for the removal of the top 10 trade barriers among BRICS countries and set an ambitious target of helping 100 BRICS startups scale into other member markets every year. Addressing the BRICS Business Forum at Bharat Mandapam, Modi said he would urge the BRICS Business Council to consider three questions, including supporting 100 BRICS startups every year and developing 1,000 new partnerships among BRICS businesses. Modi also framed BRICS as a practical platform for business and economic cooperation, saying progress on all three targets should be reviewed annually.
In the same setting, Modi highlighted the grouping’s economic weight by saying BRICS and its partner countries now formed a 21-country family representing 50 per cent of the global population, 40 per cent of global GDP and more than 25 per cent of world trade. He added that India’s BRICS chairship is focused on “Building for Resilience, Innovation, Cooperation and Sustainability” and stressed the need to reduce trade barriers and create greater opportunities for businesses.
Cross-border payments and stakes
India’s proposal for a digital currency network linking BRICS countries is described as aiming to enhance cross-border payments and trade by allowing member states to use their own digital currencies for international transactions. The plan is expected to feature at the BRICS leaders’ summit in New Delhi on September 12 and 13, according to Reuters as cited by Business Insider Africa. For African BRICS members South Africa, Egypt and Ethiopia, the proposal is presented as a way to reduce friction in cross-border trade and fewer currency conversions through an interoperable system rather than creating a new BRICS currency.
The stakes for the summit’s cohesion are also tied to Iran’s participation, with The Daily Scrum News noting that Russian President Vladimir Putin and Iranian President Masoud Pezeshkian, after initial uncertainty, have indicated their willingness to participate. The Daily Scrum News frames the summit as a test for New Delhi’s ability to convene major powers, while noting that BRICS members have different strategic priorities and that Iran brings another geopolitical perspective.