Iran Prez bats for trade in national currencies
New Delhi, Sept. 14 -- Brics grouping must expand trade in national currencies and work for an inclusive global economic framework as excessive dependence on existing financial and trade systems has made emerging economies vulnerable to political shocks, Iran's President Masoud Pezeshkian said on Sunday.
Pezeshkian's comments, made while addressing the outreach session of the Brics Summit, were a reiteration of his remarks at the Brics business forum on Friday, when he had railed against the "increasing use of economic instruments to exert political pressure". The comments also came against the backdrop of widening US sanctions on Iran amid a conflict between the two countries.
Hitting out at Western powers, Pezeshkian said "unilateral sanctions" are directly impacting global food security and people's welfare. In these circumstances, Brics must play a larger role in building a more balanced, inclusive and just global order, and resilience, cooperation and sustainability should be translated into practical action, he said.
The excessive dependence on limited financial and trade systems has made economies vulnerable to political shocks, he said, while calling for expanded trade in national currencies and strengthening the New Development Bank to enhance the economic resilience of Brics member states.
Economic resilience cannot be sustained without security, he said, referring to the military aggression of the US and Israel against Iran....
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