Iranian ambassador calls on BRICS to create an independent financial system

Iran’s ambassador to Moscow, Kazem Jalali, has called on BRICS countries to develop an independent financial system, separate from Western standards.

During a speech on October 22 in Dubai, Jalali criticized the current Western financial system. According to him, the rules have been drawn up in such a way that they mainly serve the interests of Western countries, while developing countries are disadvantaged. He emphasized that BRICS countries should not remain dependent on these standards.

“We must not be guided by Western standards that harm countries in the Global South. These standards are only aimed at serving Western interests,” Jalali said.

BRICS must chart its own financial course

Jalali sees the current situation as an opportunity for BRICS countries to set up their own banks and financial partnerships. He advocates a completely alternative system that is independent of the West. He believes that Western standards are biased, especially in the areas of anti-terrorist measures and financial regulations. Jalali underlined that BRICS has the opportunity to develop fairer standards, not only for itself but also for other countries that want to join.

16th BRICS Summit focuses on financial independence

The 16th BRICS Summit, currently taking place in Kazan, Russia, provides a platform for BRICS member states to further discuss these topics. Russia, which will assume the chairmanship of the organization in 2024, wants to strengthen cooperation between BRICS members. Jalali’s comments are in line with the summit’s broader objectives, which focus on financial independence and deeper cooperation within BRICS.

BRICS is expanding and increasing influence

BRICS was founded in 2006 by Brazil, Russia, India and China, and expanded to include South Africa in 2011. This year, Iran also joined, joining several other countries looking to strengthen their ties with BRICS. This expansion means that BRICS’ influence is growing rapidly on the world stage. Jalali sees this as an opportunity to reform global financial standards.

According to him, the BRICS countries have the potential to develop new standards, both for themselves and for countries that want to cooperate with them. “BRICS can establish fair standards for itself and for countries willing to cooperate,” Jalali said in his speech.