Iran to work on dedollarization of transactions within BRICS: Tehran

By Al Mayadeen English
Source: Agencies
31 Dec 2023 12:58

Iran's Deputy Foreign Minister tells Sputnik that some efforts in this direction are already underway.

Iran's chief nuclear negotiator Ali Bagheri Kani leaves after talks at the Coburg Palais, the venue of the Joint Comprehensive Plan of Action (JCPOA) in Vienna on August 4, 2022. (Alex HALADA/AFP)

Iranian Deputy Foreign Minister Ali Bagheri Kani indicated that Iran, like other BRICS members, will work on the de-dollarization of trade and economic and financial transactions within the group of major emerging economies, revealing that some efforts in this direction are already underway.

"We have planned many missions and joint work with other BRICS members within the framework of this organization," Bagheri Kani told Sputnik.

The diplomat highlighted that "one of the most important tasks is the dedollarization of trade and economic transactions and financial cooperation."

"Activities in this field of work of BRICS have already started, we hope to strengthen and expand these activities in order to achieve this goal as soon as possible."

BRICS, established in 2009, is a group uniting the world's largest developing economies, which currently includes Brazil, Russia, India, China and South Africa.

In August, the 15th top-level BRICS summit in Johannesburg extended invitations to Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia to join the bloc. Their full membership, except for Argentina, is scheduled to take effect on January 1, 2024.

A couple of days ago, Argentina's President Javier Milei formally declined the invitation to join the BRICS, as reported by Infobae.

Milei conveyed his decision through a letter to Russian President Vladimir Putin and Chinese President Xi Jinping several days ago. Additionally, he informed South African President Cyril Ramaphosa, Brazilian President Luiz Inacio Lula da Silva, and Indian Prime Minister Narendra Modi about his choice, according to Infobae.

'Deregulation of economy'

Milei revealed a series of measures to deregulate the country's struggling economy, eliminating or changing more than 300 regulations via presidential decree, including on rent and labor practices.

In a televised speech from the presidential palace, flanked by his cabinet, he explained that "the goal is to start along the path to rebuilding the country... and start to undo the huge number of regulations that have held back and prevented economic growth."

When he took office, Milei vowed to dollarize the Argentinian economy and has been compared to former US President Donald Trump and former Brazilian President Jair Bolsonaro.

He has also been a stark advocate of a friendly foreign policy with the US and "Israel" as well as anti-BRICS sentiments, opting for involvement in the South American trade bloc.