New Delhi (India) September 11: During their sessions at the Brics Business Forum on Friday, India's PM Narendra Modi, Russian President Vladimir Putin and Iran's Masoud Pezeshkian, pressed for more economic collaboration and trade route protection.
The development came as the U.S. has intensified its criticisms on the attempts of the group towards challenging dollar prominence, as an ample indication of the aspiration of the alliance towards consolidating alternatives on the existing international economic system.
Modi Pushes India-Russia Trade
PM Modi said that the Indo-Russian economic partnership is constantly moving towards new heights, and with Russia President Vladimir Putin he took part in the INNOPROM industrial expo involving firms from both countries.
"The India-Russia economic partnership continues to gather momentum. In Delhi, President Putin and I participated in INNOPROM, bringing together several companies from both countries. It reflects the growing depth of our business engagement," Modi said in a post on social media platform X.
India Backs Safe Navigation
PM Modi in his dialogue with President of Iran, Mr. Masoud Pezeshkian pushed for free navigation and movement and assured the welfare of mariners.
"The two leaders exchanged views on recent developments in Middle East. Prime Minister reiterated India's consistent position that all issues must be resolved through dialogue and diplomacy. He also underscored the need for continued efforts to ensure lasting peace and stability in the region, safeguarding freedom of navigation and commerce, and the safety and well-being of seafarers," the Ministry of External Affairs said.
Iran Highlights Strategic Connectivity
President of Iran, Mr. Masoud Pezeshkian called for stronger emphasis towards local currencies on BRICS commerce while highlighting the geographical advantages of his nation as well as energy sources and road networks as a strong liaison to boost and connect economies of the group. Mr.Pezeshkian said that it is time the block should utilize its complete economic capability in an integrated manner of trade, investment and jointly sponsored funding.
He also noted that an expanded mechanism of employing national currencies at transaction on an intra-BRICS platform would decrease vulnerability towards financial turbulence to better manage risks of exchange and settle payments between member nations on a reciprocal basis.
"The world today is going through one of its most complex periods. Geopolitical uncertainty, disruption in its supply chains and the increasing use of economic instruments to exert political pressure have made the economic environment in which countries operate more complex. The question is, what is BRICS response to these challenges? We believe that the true strength of BRICS is not confined merely to the size of its members' economics, rather it becomes more apparent when these capacities are transformed into a network of trade, investment and joint financing - a transition from potential cooperation to an operational one,” Iranian President Masoud Pezeshkian said.