June 13, 2024
World Economy

BRICS members pursue ditching dollar in trade transactions


TEHRAN – Iran says member countries of the BRICS group of emerging economies are resolute in pursuing efforts to ditch the U.S. dollar in trade and economic transactions.

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.

He said the BRICS members are seriously determined to reduce dependence on the U.S. 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.

Elsewhere in his remarks, Bagheri Kani said 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.

Pointing to the great capacities of Tehran and Moscow to strengthen cooperation, the Iranian diplomat 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.

He said close political relations between the two countries can deepen bilateral economic cooperation, adding, “Iran and Russia will use these capacities in other fields, especially in the Shanghai Cooperation Organization and BRICS.”

Political multilateralism will promote stability in economic relations, Bagheri Kani pointed out.

EF/



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