Speaking after the second meeting of BRICS finance ministers and central bank governors in India, Madanizadeh said the meeting’s final communiqué was adopted by consensus, with all participating countries agreeing on its provisions.
“One of the most important issues discussed was the use of local currencies, along with greater economic coordination and cooperation and the use of domestic payment and financial messaging systems within BRICS,” Madanizadeh said.
The Iranian minister said the conclusions reached at the meeting would benefit all countries in the region, particularly the Islamic Republic of Iran.
He also highlighted cooperation in development and investment as a major BRICS achievement, saying the bloc is in the process of shaping what could become a new pole in the global financial and economic system.
Madanizadeh said BRICS also offers significant potential for investment cooperation, particularly in infrastructure, which could help attract capital to member countries.
He further pointed to efforts to expand the use of local currencies and reduce reliance on the US dollar and Western currencies as another important issue discussed at the meeting.
The minister said the issue was particularly significant for Iran because of the sanctions imposed on the country, arguing that greater use of local currencies and international payment mechanisms could help address economic challenges and facilitate trade.
“This will be one of the very important achievements for our country,” Madanizadeh said, noting that the issue had also been emphasized during his recent talks in Russia and India.
North-South Corridor
Madanizadeh also highlighted the strategic importance of the International North-South Transport Corridor (INSTC) during his recent talks in Russia and India.
He said particular emphasis had been placed on the corridor’s potential because transportation costs along the route are expected to be significantly lower, making it attractive to a range of countries seeking more efficient trade routes.
Iran has made substantial efforts and incurred high costs to complete its sections of the corridor, Madanizadeh said, adding that neighboring countries, particularly Russia, are also investing in the project.
The minister expressed hope that completion of the North-South corridor would open up major opportunities for transit and the movement of goods through Iran, allowing the country to make greater use of its geographic position as a link between regional and international markets.