Hemmati, who attended the BRICS summit in Russia alongside Iranian President Masoud Pezeshkian, stated on Wednesday that BRICS cooperation represents a new phase of South-South collaboration, adding that this cooperation includes significant political and security dimensions and is evolving in terms of economic and financial relations.

He noted that the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA) are symbols of BRICS members’ dissatisfaction with the performance of similar institutions namely the World Bank and the International Monetary Fund (IMF), which are predominantly influenced by the US and West.

Hemmati pointed out that the difference between this period and six decades ago, when South-South cooperation was formed but could not achieve much success against the economic power of the West led by the US, is that the leading countries of the BRICS currently play an important role in the world economy, adding that China and India are among the top five economies in the world.

He emphasized that Iran’s active involvement in the economic and financial sectors of BRICS offers valuable opportunities for economic collaboration with nine other countries.

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