The leaders met for the second time in 2 weeks, walking hand-in-hand at the BRICS Business Forum meeting alongside Russian President Vladimir Putin. “From Bishkek to Delhi, the productive discussions continue.

Happy to have met Dr. Masoud Pezeshkian, the President of Iran.

This visit is more special because it is his first visit to India,” said Modi in a post on X, adding India remains steadfast in its commitment to the pursuit of enduring peace. Pezeshkian is the first Iranian president to visit India in 8 years.

India is hoping both Iran and the UAE will show more flexibility in addressing the West Asia situation at the BRICS summit, allowing a joint BRICS declaration, unlike what happened earlier in the foreign ministers’ meeting. ‎In their recent meeting in Bishkek, Modi had called for expanding the trade basket with Iran despite the US sanctions against Tehran.

India rejects unilateral sanctions, complying only with UN-backed action. Interestingly, Pezeshkian was received at the airport by India’s Minister of Ports, Shipping and Waterways Shantanu Thakur who oversees cooperation with Iran on the strategic Chabahar port project.

In the meeting, Pezeshkian called for maintaining bilateral strategic agreements. According to an Indian readout, the PM underscored the need for continued efforts to ensure lasting peace and stability in the region, safeguarding freedom of navigation and commerce, and the safety and well-being of seafarers.

“He noted the potential for BRICS in building the spirit of resilience, innovation, cooperation and sustainability among countries in the Global South. Before the bilateral meeting, Pezeshkian said at the business forum meeting that geopolitical uncertainty, disruptions to supply chains and the growing use of economic instruments to exert political pressure had made the environment for economic activity increasingly complex.

Pezeshkian called for expanding the use of national currencies in trade among member-states, saying this step must be accompanied by the creation of necessary mechanisms for managing currency risks and reciprocal settlement because the current financial system is vulnerable to political shocks. The president proposed that BRICS establish a reinsurance company with initial capital of $ 10 billion to cover the risks of major infrastructure and energy projects and increase the confidence of the private sector.