Amid rising tensions in West Asia, Prime Minister Narendra Modi engaged in discussions with Iranian President Masoud Pezeshkian, held on the sidelines of the BRICS Summit in New Delhi. The 30-minute dialogue took place against a backdrop of renewed hostilities between Iran and the United States, which have raised concerns about potential disruptions to global energy supplies due to oil prices surpassing $100.

Their recent meeting follows a previous encounter at the Shanghai Cooperation Organisation Summit earlier in September, where both leaders briefly connected. During their earlier discussions, Prime Minister Modi highlighted his concern regarding the ongoing conflict. He reaffirmed India’s stance on resolving disputes through diplomatic channels and dialogue, emphasising the need to ensure the protection of civilians and civilian infrastructure.

Modi notably underscored the importance of safeguarding commercial vessels and seafarers, advocating for unimpeded navigation and commerce in international waters. These remarks were reiterated during his address at the BRICS Business Summit, stressing the importance of stability in the region.

Pezeshkian’s Call for Trade in National Currencies

In a significant address at the Business Summit preceding the bilateral meeting, President Pezeshkian drew attention to the necessity for BRICS nations to diversify their trade approaches. He encouraged these countries to expand commerce using national currencies, aiming to reduce the heavy reliance on the US dollar.

Further, Pezeshkian suggested the establishment of a joint reinsurance fund with an initial capital of $10 billion, targeted at mitigating risks associated with major infrastructure and energy ventures. The Iranian president also advocated for enhanced collaboration in the realms of trade and transport networks, suggesting the introduction of digital customs procedures to facilitate smoother transactions and diminish regulatory obstacles.

He articulated the need for the New Development Bank to engage more robustly in financing projects across BRICS members, thereby fostering economic growth and development. Pezeshkian highlighted Iran’s vast energy reserves and its strategic geographical position, asserting that the country has the potential to play a pivotal role in establishing resilient supply chains within the BRICS framework. He urged for greater cooperation in various sectors, including artificial intelligence, cybersecurity, common industrial standards, and the development of cross-border markets.

Future Collaboration Between BRICS Countries

Pezeshkian concluded his address by calling on the BRICS Business Council to advance their discussions into actionable goals, advocating for measurable targets in the domains of trade, national-currency settlements, and private investments.

This appeal aims to move beyond theoretical discussions to practical implementations that would foster economic ties among member states. The interactions between Modi and Pezeshkian underscore the ongoing efforts by India and Iran to strengthen their diplomatic and economic relations amidst a fluctuating global context.

Both leaders’ emphasis on dialogue and collaboration reflects a mutual aspiration to navigate the challenges posed by geopolitical tensions in the region. As the summit continues, the international community is watching closely to see how these discussions will influence the geopolitical landscape in West Asia, particularly in terms of energy security and economic cooperation among BRICS nations.

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