NEW DELHI — Iranian President Masoud Pezeshkian on Friday called on BRICS member states to expand the use of national currencies in trade and establish mechanisms to manage currency risk, warning that the current financial system’s reliance on a few dominant currencies leaves it exposed to political shocks.
Speaking at the BRICS Economic Forum in New Delhi, Pezeshkian said: “One of the most important steps is to develop the use of national currencies in trade among members.”
“This step must be accompanied by the creation of the necessary tools for managing currency risk and mutual settlement, because the current financial system, due to its focus on a limited number of currencies, is vulnerable to political shocks.”
The Iranian president is in the Indian capital for the 18th BRICS Leaders’ Summit, held September 12-13 under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” 
He described the gathering as “an important opportunity to expand economic, trade, industrial and scientific cooperation among member states, and strengthen multilateralism in the international system.”
Pezeshkian told the forum that geopolitical uncertainty, supply chain disruptions, and the growing use of economic tools for political pressure have complicated the economic environment for countries. 
“The real power of BRICS is not summarized only in the size of members’ economies, but becomes more evident when these capacities are transformed into a network of trade, investment, and joint financing — that is, the transition from ‘potential cooperation’ to ‘operational cooperation,’” he said.
The Iranian president called for moving from scattered cooperation to gradual integration of trade infrastructure, including digitization and integration of customs processes, reduction of regulatory barriers, and development of cross-border markets. 
He also proposed strengthening cooperation in standardization so that BRICS transforms “from a market for exchanging raw materials to a network of value chains and joint industrial production.”
Pezeshkian said Iran has faced extensive sanctions in recent years, but that pressure has escalated to a
 “very difficult and dangerous stage” with U.S. and Israeli military aggression against the Islamic Republic. 
“This aggression, alongside its human and material costs, once again revealed an important reality: economic security is not separate from national security and regional security,” he said. 
“Whenever the trade, energy, infrastructure, or financial system of a country is subjected to political or military pressure, its effects will go beyond that country’s borders and affect regional stability and even the global economy.”
He added: “BRICS must, by creating resilient capacities for the economies of its members and the Global South, create a space in which no country can disrupt the legitimate trade of another country by monopolizing a financial or technological tool.”
Pezeshkian said the New Development Bank should become “the main engine of financing infrastructure and energy in member countries” through special credit lines, local currency financing, and guarantee instruments to attract private capital. 
He also proposed establishing a joint BRICS reinsurance company with initial capital of $10 billion to cover risks of major infrastructure and energy projects and increase private sector confidence.
Pezeshkian warned that the global economy is on the threshold of a fundamental transformation with the arrival of artificial intelligence. 
“BRICS should not be merely a consumer of technology, but should also play a role in producing knowledge and shaping digital economy standards, while strengthening cybersecurity of critical infrastructure,” he said.
The Iranian president said the BRICS Trade Council must transform “from a forum for dialogue to an executive engine of economic cooperation,” with specialized working groups defining measurable projects with clear indicators such as intra-BRICS trade growth, share of national currencies in trade, and volume of private capital entered.
“BRICS will become a real force in the global economy when our cooperation is seen in contracts, factories, ports, and the economic life of the people of member countries,” he said.
Before departing Tehran, Pezeshkian said: “One of the fundamental objectives behind the creation of BRICS has been to counter unilateralism, and this year’s theme has been chosen in line with that objective.” 
He noted that BRICS members account for more than 45 percent of the world’s population and about 35 percent of its land area.
Pezeshkian highlighted that the bloc now has 21 members — 11 full members and 10 partner countries. 
“BRICS seeks to enable countries to promote economic and regional development without relying on the U.S. dollar, while standing firm against unilateralism and the excessive demands of major powers,” he said.
During his visit, Pezeshkian is expected to address the main leaders’ session, the BRICS economic forum, and a closed-door meeting on inclusive global governance. 
He will also hold bilateral meetings with Indian Prime Minister Narendra Modi, Malaysian Prime Minister Anwar Ibrahim, South African President Cyril Ramaphosa, and other leaders.
On Iran-India ties, he said: “The relations between the two countries have a very long history, and Iran and India share a common cultural heritage and abundant capacities to develop cooperation.”