BAKU, Azerbaijan, October 23. Iran seeks to strengthen the New Development Bank (NDB), which is considered one of the BRICS institutions, and take steps to develop the countries' infrastructure with the admission of new members, Iranian President Masoud Pezheshkian said at the BRICS Heads of State Summit in Kazan, Russia, on October 23, Trend reports.
According to him, Iran is all set to roll up its sleeves and work hand in hand with the bank in the realm of economic and trade relations.
Pezeshkian asserted that the world is now acknowledging BRICS as a party that is actively engaged in conducting trade exchanges using national currencies. The introduction and utilization of cryptocurrencies, as well as the use of new financial mechanisms, are among the major goals of BRICS.
Many years ago, only a small number of countries faced sanctions. Economic embargoes have now caused numerous problems for millions of people. BRICS has repeatedly stated its opposition to the economic embargo. In the future, practical steps can be taken to ensure that no country embargoes other countries.
BRICS, an intergovernmental organization, came into existence in 2006. Russia assumed the BRICS chairmanship on January 1, 2024. Currently, in addition to Russia, Brazil, India, China, and South Africa, the members of the organization are Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.
Currently, the 16th BRICS Summit is taking place in Kazan on October 22–24 under the Russian Chairmanship themed Strengthening Multilateralism for Just Global Development and Security.