KAZAN: Iran has proposed the establishment of a joint electronic trading platform to streamline the exchange of goods among the BRICS member countries, as articulated by Iranian President Masoud Pezeshkian during the BRICS summit in Kazan, Russia. The initiative aims to reduce member countries’ reliance on broader international markets, according to statements made at the summit on October 23.

According to Trend News Agency, President Pezeshkian emphasized that the creation of such a platform could significantly diminish the dependency on global markets by facilitating more direct trade among BRICS nations. The proposal also includes the development of international mobile payment systems utilizing the national currencies of the BRICS countries. Additionally, Pezeshkian suggested the implementation of intelligent transportation systems in industrial and economic zones, leveraging artificial intelligence to minimize delays in the transportation and delivery of goods.

BRICS, an intergovernmental organization
formed in 2006, currently includes Russia, Brazil, India, China, and South Africa, along with newer members Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia. The 16th BRICS Summit, held under Russia’s chairmanship since January 1, 2024, is taking place from October 22-24 in Kazan, focusing on the theme “Strengthening Multilateralism for Just Global Development and Security.”