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Iran and the BRICS – Update as of 30/10/2024

The files we follow: Iran and the BRICS, Iran’s relations with its neighbouring countries

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The 16th BRICS+ summit was held in Kazan from Tuesday October 22 to 24. The theme of the meeting, attended by some thirty heads of state, was Strengthening multilateralism for fair global development and security”. This formula, set out in a joint declaration of some thirty pages, and noting the reformist and anti-establishment positions taken by the various heads of state with regard to international institutions and Western states, covers a broad spectrum of areas, with the aim of highlighting the common positions of the various heads of state. This year’s edition marks the official integration of new members: Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia.

The Islamic Republic of Iran was represented by President Masoud Pezeshkian, accompanied by the Minister of Economy and Finance Abdolnaser Hemmati, the Minister of Oil Mohsen Paknejad, as well as the Head of the Presidential Office and the Vice-President of Public Affairs.

A few days before the start of the summit, the Head of the General Inspectorate of the Islamic Republic, Zabihullah Khodaiyan, presented some of the perspectives and priority objectives that the Iranian delegation wished to put forward during the summit: If comprehensive coordination and cooperation between the member countries of the BRICS group are formed in various economic, political, cultural, social and mediation sectors, it will be possible to deal with many of the expansionist policies and maximalist impulses of the United States and its allies. This positioning, with its emphasis on challenging US sanctions and the foreign policy of its allies, such as NATO members and Israel, coincides with the economic aspirations proposed during the summit, namely the de-dollarization of international trade. President Masoud Pezeshkian called on the countries present at the Kazan summit to invest more funds and promote the integration of new members into the New Development Bank, considered the BRICS+ benchmark financial institution since 2014. Also, on October 26, two days after the end of the summit, the Minister of Economy and Finance announced that he had entered into negotiations with NDB President Dilma Roussef, who was also present in Kazan, to begin the process of integrating the Islamic Republic of Iran into the owners of the investment bank. The priority interest highlighted by a message from Abdolnaser Hemmati on his Telegram account, and to promote the use of this bank as an alternative to institutions such as the World Bank and the IMF.

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