BRICS countries explore moving away from dollar in trade transactions

(MENAFN) Iranian Deputy Foreign Minister Ali Bagheri Kani underscored the determination of BRICS member countries to reduce reliance on the U.S. dollar in trade and economic transactions during his remarks at the 15th International Economic Forum "Russia-Islamic World: KazanForum 2024" in Kazan, the Republic of Tatarstan. Bagheri Kani emphasized that while BRICS members are resolute in pursuing de-dollarization efforts, the achievement of this objective requires the development of necessary infrastructures across various sectors.

Highlighting ongoing consultations among experts from BRICS states, Bagheri Kani noted the concerted efforts to establish mechanisms aimed at achieving the group's de-dollarization goals. The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, collectively represents a significant portion of the global population and economy, accounting for 42 percent of the former and 27 percent of the latter.

Since its establishment in 2006, BRICS has emerged as a notable player in addressing international issues, serving as a counterweight to Western political and economic dominance. Bagheri Kani emphasized that cooperation between Iran and Russia is not detrimental to any country but rather serves to enhance the welfare of both nations and foster regional peace and stability.

Citing the ample potential for cooperation between Tehran and Moscow, Bagheri Kani highlighted their shared determination to challenge the global economic monopoly held by Western powers and promote interactions among independent states. He emphasized the significance of leveraging close political ties to deepen bilateral economic cooperation, with a focus on expanding collaboration within forums such as the Shanghai Cooperation Organization and BRICS.

Bagheri Kani stressed that political multilateralism will play a pivotal role in bolstering stability in economic relations, underscoring the importance of fostering a collaborative environment conducive to mutual prosperity and development among nations.



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