Iranian President Masoud Pezeshkian has called for deeper economic integration among BRICS nations amid geopolitical pressures and sanctions. He urged greater use of local currencies, integrated trade infrastructure, joint investments and stronger energy cooperation. He also proposed expanding the BRICS New Development Bank and creating a $10 billion joint reinsurance company.

Iranian President Masoud Pezeshkian on Friday called for greater economic integration among BRICS countries, saying economic security cannot be separated from national and regional security amid mounting geopolitical and military pressures on Iran.

Addressing the Leaders' Session of the BRICS Business Forum on September 11, Pezeshkian said Iran's experience with extensive sanctions had demonstrated the need to diversify trade partners, financing sources and payment channels.

He said military pressure on a country's trade, energy, infrastructure or financial systems could have consequences beyond its borders and threaten regional and global stability.

Pezeshkian urged BRICS members to move from fragmented cooperation towards greater integration of trade infrastructure. He proposed measures including the digitalisation and integration of customs procedures, reducing regulatory and administrative barriers, developing cross-border markets and facilitating joint private-sector investments.