The three-day participation of the Iranian President in the 16th BRICS Summit, held from Tuesday, Aban 1 (October 22) to Thursday, Aban 3 (October 24), as a key member of this group, was a favorable opportunity to develop relations with member countries and consult on the most important regional developments and tensions in the Middle East.
The issues discussed in these meetings, attended by the presidents of countries such as Iran, Russia, China, Venezuela, Belarus, Egypt, South Africa, Bolivia, the Prime Minister of the UAE, and the Prime Ministers of India, Ethiopia, and Armenia, revolved around security, economic, and social matters. Below, we highlight some of the key points from this report.
Table of Contents
Iran at the 16th BRICS Summit
Masoud Pezeshkian, the President of Iran, identified security, economic, and social issues as the three main missions and foundations of the BRICS Summit in Russia, stating: “In the economic sphere, BRICS aims to counter the unilateralism of the United States, the dominance of the dollar over the global economy, and the unjust and unfavorable sanctions imposed on various countries. The BRICS organization initially had only five members, but today, in addition to a significant number of member states, over 30 countries are applying for membership, and the heads of six international organizations, including the UN Secretary-General, are also participating. One of the important discussions at this summit was the establishment of a separate fund to help member countries bypass the dominance of U.S. policies on the International Monetary Fund and neutralize American sanctions.”
Pezeshkian also referred to his meetings and discussions with the presidents of member countries on the sidelines of the summit, stating: “The final statement of the BRICS Summit was particularly significant in condemning and denouncing Israel’s crimes in Gaza and Lebanon, as well as emphasizing the development of financial, economic, cultural, scientific, expert, and security relations among member countries.”
Upon his return, Pezeshkian described his participation in the 16th summit as a golden opportunity for greater convergence with BRICS member countries and equated his meetings with the leaders of 10 countries to 10 foreign trips.
Egypt and UAE’s Positive Stance on Improving Relations with Iran
Pezeshkian expressed satisfaction with the support of BRICS leaders for Iran’s positions, stating: “Some of the leaders of this organization, including Egypt, mentioned that European ambassadors present a completely different image of Iran compared to what they see firsthand. They advised Iran to strengthen its regional connections. On the other hand, the UAE’s Emir was very eager to visit Iran, emphasizing that regional countries should resolve their issues themselves and not allow external interference.”
Pezeshkian’s Meeting with the Prime Minister of India
Iran President and Narendra Modi, the Prime Minister of India, met to discuss ways to expand relations and regional developments, emphasizing the need to end regional conflicts.
Pezeshkian referred to the unrest in Gaza and Lebanon and the crimes of the Zionist regime in these two countries, stating: “I hope that countries that claim to defend human rights will change their approach and cease their support for the Zionist regime to help stop its crimes and massacres.”
In this context, India condemned the killing of innocent people in Gaza and Lebanon, with Modi asserting that India is making efforts to establish peace and stability in the region through its initiatives and negotiations.
These discussions occurred in the context of India’s supply of drones, weapons, and explosives to Israel.
Additionally, Modi met with “Vladimir Putin,” the President of Russia, and pledged to contribute to ending the Russia-Ukraine war through India’s support and efforts.
This comes after Modi, in a meeting with “Volodymyr Zelenskyy” in September, had stated that India would stand by Ukraine and support it.
Notably, India has significantly benefited from the Russia-Ukraine war. Following European sanctions against Russian oil, India replaced European buyers and began purchasing Russian oil at significantly lower prices. Currently, India is the largest buyer of Russian oil, reselling it to Europe at a higher price.
Pezeshkian emphasized Iran’s interest in expanding relations with India, considering BRICS membership a suitable platform for strengthening mutual interests. He also stressed the importance of implementing bilateral agreements on the development of the Chabahar port, stating: “Strengthening regional economic cooperation will enhance the welfare and security of our nations. I have proposed the idea of creating a regional communication network, and BRICS is an ideal platform for pursuing this vision.”
Modi affirmed India’s interest in expanding economic relations with Iran and stated: “We agree with your idea of expanding regional cooperation. We believe that deepening economic ties will benefit the entire region.” He further highlighted the Chabahar port’s development as a key element in Iran-India cooperation and a crucial factor in regulating relations between the two countries and with other regional states.
India-China Meeting
For the first time in five years, a joint meeting between India and China took place. This session followed a historic agreement between the two nations to resolve their border dispute. As a result, India and China seem to be officially aligning for the first time. One of the main topics of this meeting was their 3,500-kilometer shared border.
Despite being invited to the BRICS Summit, Saudi Crown Prince Mohammed bin Salman did not attend and instead met with “Antony Blinken,” the U.S. Secretary of State.
Putin Officially Announces Iran’s BRICS Membership
Vladimir Putin officially announced Iran’s membership in BRICS, alongside Egypt, Ethiopia, and the UAE. Additionally, 13 countries joined the list of BRICS partner countries: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
Putin’s Proposal for a BRICS Grain Exchange
On the second day of the BRICS Summit (Wednesday, Aban 2 / October 23, 2024), Putin proposed establishing a grain exchange among BRICS members to ensure reliable supply chains. He stated: “BRICS members include major global grain producers. Therefore, I propose creating a grain trading platform that could expand to include other commodities in the future.”
According to the U.S. Department of Agriculture, Russia and China are among the world’s largest grain producers, particularly in wheat and corn.
Putin added: “A stock exchange will lead to fair grain pricing among member countries, which is a crucial element of national food security. Our mission is to protect our markets. The next phase of cooperation among members should focus on establishing an exchange for rare and precious metals, given the increasing global demand.”
The BRICS group was established in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates also became full members.
Use of National Currencies: Reducing Geopolitical Risks and the Role of Iran and Russia
On the sidelines of the BRICS summit, Vladimir Putin met with Dilma Vana Rousseff, a Brazilian politician and economist currently serving as the President of the BRICS Bank (New Development Bank). During the meeting, Putin acknowledged that using national currencies in trade among BRICS member states helps reduce geopolitical risks. In line with this, the Kremlin issued a statement announcing that Russia and Iran have almost entirely abandoned foreign currencies in their mutual transactions, relying instead on their national currencies.
The statement further highlighted that the leaders of both nations prioritize trade and economic relations. Over 96% of mutual payments between the two countries are conducted in rubles and rials. According to the Kremlin, bilateral trade volume increased by 12.4% in the first eight months of 2024, following a trade volume of over $4 billion in 2023.
Additionally, Russia and Iran are jointly developing major projects in the transportation and energy sectors, including the construction of new production units at the Bushehr Nuclear Power Plant and work on the North-South International Transport Corridor, which links St. Petersburg to Mumbai, India.
Moscow emphasized that bilateral relations are growing, and the Kremlin expects these ties to reach the level of a “comprehensive strategic partnership” in the near future.
Western Reactions to De-Dollarization Progress
Currently, Russia is actively reducing its reliance on the U.S. dollar in international transactions. Over 95% of bilateral trade agreements between Moscow and Beijing are now conducted in yuan and rubles.
The impact of this financial shift among BRICS nations has been so significant that Reuters reported Moscow has proposed a new international financial mechanism. This proposed system aims to bypass the dollar in global trade, allowing participating countries to use their national currencies for transactions.
Call for Ceasefire by BRICS Leaders
The BRICS leaders, in the final statement of their summit in Kazan, Russia, emphasized the urgent need for an immediate ceasefire in Gaza and an end to the Zionist regime’s aggression. The BRICS member states strongly condemned the Zionist regime’s attacks on humanitarian aid groups and aid distribution centers in Gaza.
The statement also asserted that BRICS countries consider the Zionist regime’s crimes—such as the bombing of pager towers in Lebanon—as violations of international law.
Furthermore, the statement condemned Israel’s attacks on Iranian diplomatic buildings in Damascus, and the BRICS leaders underscored the necessity of respecting Lebanon’s territorial integrity.
Masoud Pezeshkian’s Constructive Speech at the BRICS+ Summit
On Thursday, October 24, Iran’s President stated that regional and international challenges cannot be resolved without joint efforts. He emphasized: “BRICS and BRICS+ must design and implement a transparent, fair, inclusive, and non-discriminatory mechanism based on multilateral trade rules, with a special focus on the Global South and developing or underdeveloped countries.”
Speaking at the first BRICS+ summit, a joint meeting of BRICS leaders with invited nations and BRICS friends in Kazan, Russia, Pezeshkian highlighted: “The geographical expanse of BRICS presents a unique opportunity to facilitate transcontinental connections and achieve collective common interests. This process will significantly reduce the existing development gap and enhance the well-being of nations. The future belongs to countries that play a major role in fostering convergence and establishing a new order of institutionalized relations based on discourse, consensus, and justice.”
The Iranian President further stressed that the foundations of unilateralism and the unipolar world order have become increasingly weak and unstable. He noted: “Alliances and efforts to establish constructive and friendly relations are now an undeniable reality and a demand of many nations and international players who seek to free themselves from unilateral dominance.”
Conclusion
The BRICS leaders are firmly advancing their policy of de-dollarization and resisting Western dominance. This approach, driven by Eastern powers, is rapidly gaining momentum, much like a snowball growing larger as it overcomes long-standing economic barriers.
Just as the dominance of the British pound ended in 1944 (Bretton Woods system) and was replaced by the U.S. dollar, the world is now witnessing a gradual shift away from dollar supremacy, with BRICS leaders actively shaping this transformation in international trade.
