BRICS Countries Determined to Ditch Dollar in Trade Transactions: Iran Diplomat

Iran has revealed that member countries of the BRICS group of emerging economies are resolute in pursuing efforts to ditch the US dollar in trade and economic transactions.

Iran (IMNA) - Iranian Deputy Foreign Minister Ali Bagheri Kani made the remarks on Saturday while speaking to reporters on the sidelines of the 15th International Economic Forum "Russia-Islamic World: KazanForum 2024" in Kazan, the Republic of Tatarstan.

BRICS Members Serious About De-Dollarization

Bagheri Kani stated that the BRICS members are seriously determined to reduce dependence on the US dollar but they need to develop the necessary infrastructures in various fields to make that happen. He added that experts of the BRICS states are holding constant consultations to establish mechanisms for achieving the de-dollarization objective of the group.

BRICS consists of Brazil, Russia, India, China, and South Africa. The group accounts for 42 percent of the global population and about 27 percent of both the world's land area and the world's economy. The bloc has become increasingly important in addressing international issues since it was founded in 2006, and is often seen as a counterweight to Western political and economic hegemony.

Iran-Russia Cooperation Promotes Regional Stability

In his remarks, Bagheri Kani also stated that cooperation between Iran and Russia is not detrimental to any country but will promote the two nations' welfare as well as regional peace and stability. He emphasized that the two sides are determined to break the West's monopoly on the global economy and prepare the ground for boosting interactions among the independent states.

The Iranian diplomat highlighted that close political relations between Iran and Russia can deepen bilateral economic cooperation, adding, "Iran and Russia will use these capacities in other fields, especially in the Shanghai Cooperation Organization and BRICS." He also pointed out that political multilateralism will promote stability in economic relations.

News ID 754864


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