New Delhi: Iranian President Masoud Pezeshkian called on Brics members to expand trade in national currencies to reduce dependence on existing financial and trade systems, as he slammed the West for imposing unilateral sanctions and for “crimes and genocide” against people of Iran and Gaza.With Iran bearing the brunt of sanctions, which have worsened the precarious condition of Iran’s economy, Pezeshkian said at the concluding session of Brics summit that excessive dependence on financial and trade systems has made emerging economies vulnerable to political shocks.
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The latest round of sanctions has sharply eroded the value of the Iranian rial, aggravated the already high inflation and made oil exports, the main source of revenue, too prohibitive.He said sanctions are affecting global food security and people’s welfare.Pezeshkian pitched for expanding trade in national currencies and strengthening the New Development Bank to enhance the economic resilience of Brics members. He said Brics had evolved beyond a framework for cooperation among emerging economies and had become a manifestation of growing demand for a more balanced and inclusive world in which “no centre of power has the right to determine the destiny of others”.Brics now must play a greater role in building a more balanced, inclusive and just international order, the Iranian president said, stressing that resilience, cooperation and sustainability should be translated into action.