Tehran/New Delhi Sep 11 — Iranian President Masoud Pezeshkian on Friday thanked India and Prime Minister Narendra Modi for hosting the BRICS Summit in New Delhi and making "valuable efforts" to strengthen cooperation amongst the members of the grouping.
"I would like to sincerely thank the friendly government and people of India for the graciously hosting of this meeting, as well as the Honourable Prime Minister of India for his valuable efforts to strengthen BRICS cooperation," Pezeshkian stated while addressing the gathering of leaders, including PM Modi and Russian President Vladimir Putin, at the BRICS Business Forum held ahead of the BRICS Summit in the Indian capital.
"It is a source of great satisfaction for me to be present today among representatives of the private sector, business enterprises, and entrepreneurs who can transform the idea of cooperation within BRICS into tangible economic realities," he added.
Spotlighting the ongoing conflict in West Asia and the resulting human and material losses, Pezeshkian said that economic security remains inseparable from national and regional security.
"Economic security is inseparable from national and regional security, and whenever a country's trade, energy, infrastructure, or financial system is under political-military pressure, its effects will go beyond that country's borders," Pezeshkian was quoted as saying at the event by Iran's leading Mehr news agency.
He added: "Disruptions in supply chains and the increasing use of economic tools to exert political pressure have made the economic environment of countries more complex. The question is, what is the BRICS response to these problems?"
The Iranian President mentioned that Tehran believes that the true power of BRICS is not limited to the economic size of its members, but becomes more evident when these capacities are transformed into a network of joint trade, investment, and financing - transition from potential cooperation to operational cooperation.
"Iran believes that economic resilience is not possible without diversifying trade partners, financing, and payment channels. Iran has faced extensive sanctions over the past years, but in recent months, these pressures have entered a very difficult and dangerous stage with the military aggression of the United States and the Israeli regime against the Islamic Republic of Iran," Mehr quoted Pezeshkian as saying during his address at the BRICS business event.
He added: "This aggression, in addition to the human and material losses, has once again revealed an important reality: economic security is inseparable from national and regional security. Whenever a country's trade, energy, infrastructure, or financial system is under political-military pressure, its effects will go beyond the borders of that country and will affect regional stability and even the global economy."
BRICS, stated Pezeshkian, must create an environment in which no country can disrupt another's legitimate trade by monopolising a financial instrument or technology.
"To increase intra-BRICS trade, we must move from fragmented cooperation to gradual integration of trade infrastructures. Several measures are important in this regard, including: digitalization, integration of customs processes, trade facilitation, reduction of regulatory and administrative barriers, development of markets, and facilitation of private sector joint investment."
According to the Mehr news agency, the Iranian President also proposed establishing a BRICS joint reinsurance company with an initial capital of $10 billion.
"Another specific proposal from the Islamic Republic of Iran is to establish a BRICS joint reinsurance company with an initial capital of $10 billion to cover the risk of large infrastructure and energy projects and increase confidence in the private sector. We are also in the midst of a fundamental transformation in the global economy with the advent of artificial intelligence. BRICS should not be just consumers of technology, but should also play a role in producing knowledge and shaping standards for the digital economy, and along with that, the cybersecurity of critical infrastructure should also be strengthened."