India & Iran: BRICS ...
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Following Iran’s formal accession to BRICS, what new capacities does India believe Iran’s participation brings to the group? Which areas does New Delhi consider priorities for practical cooperation between Iran and other BRICS members, particularly in fields such as energy, transit corridors, trade and the use of national currencies? What have been India’s plans to turn BRICS into a results-oriented mechanism and close the gap between the group’s political declarations and its practical projects?
Iran is an important member of the expanded BRICS family, and its participation further strengthens the representation of emerging and developing economies within the grouping. India looks forward to continued positive contribution from Iran.
India continues to see significant potential for practical cooperation among BRICS members in areas such as energy, agriculture, transport and logistics, trade, entrepreneurship, science and technology, and resilient supply chains. These areas correspond closely with the priorities of India’s chairship.
As I have already mentioned, a lot of tangible outcomes in terms of initiatives and specific activities have been formulated during our current BRICS chairship.
Reforming the international financial and economic architecture and reducing dependence on the US dollar have been among the central issues on the BRICS agenda. However, BRICS members hold differing views on the pace and means of moving towards alternative financial mechanisms. Should we expect tangible progress in expanding national-currency payments, strengthening the role of the New Development Bank and creating financial mechanisms independent of Western-led structures under India’s chairmanship?
India’s approach to BRICS financial and economic cooperation is centred on strengthening practical cooperation and facilitating greater economic engagement among Member States. India is also in favour of promoting the use of local currencies for trade among BRICS members. For instance, for trade with Iran, we have a Rupee-Rial mechanism to boost bilateral trade and commerce.
India’s chairship has placed continued emphasis on strengthening economic cooperation within BRICS, including through engagement among Finance Ministers and Central Bank Governors.
India believes that BRICS should remain focused on concrete, mutually beneficial and sustainable outcomes. The objective is to strengthen cooperation in ways that respond to the economic and developmental priorities of Member States, while respecting their respective national circumstances and priorities.