De-dollarization of global trade favored by independent states: Baqeri Kani
Iran’s membership in BRICS ’lasting legacy ’ of Raisi
De-dollarization of global trade is the desire of all independent countries, said Iran’s caretaker Foreign Minister Ali Baqeri Kani, delivering a speech at the BRICS Ministerial meeting in the Russian city of Nizhny Novgorod on Tuesday.
There is no independent and developing country that does not suffer from the monopoly and dominance of the dollar, the top diplomat underlined.
“The current infrastructure of the world economy is under the control of western powers in an alarming way, which have shown that they have turned the structures of the world economy into a weapon against competitors,” Baqeri Kani said. Dependence of countries on US dollar for exchanges and reserves has caused the economy of many countries to fall in the control of the US, he warned, adding that if a solution is not found quickly, this will harm the economy of the countries.
Establishing independent financial, banking and monetary mechanisms among the BRICS members, which are the largest energy producers and consumers among them, is a necessity to ensure the strategic and long-term interests of the members, he said.
Emphasizing Tehran’s readiness to present a resistance economy model, he said Iran announces that the time is ripe for BRICS and its allied countries to seriously study the practical model for financial, monetary and banking independence from mechanisms based on the current unilateralism system.
Upon his arrival at the Nizhny Novgorod-Strigino International Airport on Monday, Baqeri Kani said Iran’s membership in BRICS is the lasting legacy of late Ebrahim Raisi and Hossein Amir-Abdollahian.
Iran joined the BRICS group of Brazil, Russia, India, China, and South Africa as a full member in January 2024. On the sidelines of the event, the top diplomat also held meetings and talks with the foreign ministers of other countries, including Russia, China, Kazakhstan, Sri Lanka, South Africa, Belarus, Saudi Arabia and Brazil.
Meanwhile, Russian Deputy Foreign Minister Sergey Ryabkov noted that Iran’s membership in the BRICS New Development Bank will pave the way for the country’s smooth accession to the structure of the bloc.
The BRICS New Development Bank is a fruitful financial body that provides money through reasonable loans for infrastructure projects, Ryabkov told Iranian journalists present in the BRICS foreign ministerial meeting in Russia on Tuesday.
He said Iran and other countries that joined the BRICS bloc of emerging economies in January 2024 have made use of the current positive process of development and gained valuable experiences.
Meanwhile, Chinese Foreign Minister Wang Yi on Tuesday urged the BRICS bloc of nations to take on greater responsibilities and establish itself as being inclusive to the world.
The politicization of economic issues had grown along with unilateral sanctions and technological barriers, Wang said at a BRICS foreign ministers’ meeting, Reuters reported.
BRICS, which groups Brazil, Russia, India, China and South Africa and aims to counter Western dominance in the world order, has expanded by several more members after Egypt, the United Arab Emirates, Iran and Ethiopia joined at the start of this year.
Wang said the expanded BRICS should build the bloc into a new multilateral cooperation mechanism” driven by emerging markets and developing countries.