PM Modi, Iranian President Pezeshkian and Russian President Putin at Brics Business ForumPrime Minister Narendra Modi, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian used the Brics Business Forum leaders’ session on Friday to push for greater economic cooperation, secure trade routes and wider use of local currencies. The remarks came against growing US criticism of Brics’ efforts to challenge dollar dominance, sending a clear message on the grouping’s ambition to strengthen alternatives to the existing global financial order.

PM Modi stressed the importance of secure sea lanes and supply routes for global trade, saying India was a “staunch supporter” of freedom of navigation and the safety of seafarers. This comes amid disruptions in the supply route as Strait of Hormuz remains choked amid the ongoing tussle between US, Iran and Israel."

Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a staunch supporter of freedom of navigation and the safety of seafarers," PM Modi said.

Putin, meanwhile, said the global economy was undergoing “structural” and “profound” shifts, with emerging economies replacing the traditional economic powers that had driven growth in the second half of the 20th century. He said the established economies continued to have strengths including developed infrastructure and technological and scientific advantages, but stressed that the global economic landscape was changing."

Right now, the world is undergoing structural, deep, profound shifts. It is explained by the fact that the so-called old leaders which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth.

When I say old, this is just a formality - all of us understand what we are talking about," he said." These so-called old leaders are still in possession of great strong suits and well-developed infrastructure, technological advantages, scientific advantages, scientific schools and so on and so forth.

That's sad, this isn't the nature of things. This isn't the nature of humanity and the nature of economy.

The world is always changing," he added. Pezeshkian made a stronger pitch for reducing dependence on major currencies, calling for greater use of national currencies in trade among Brics members."

One of the most important steps is to expand the use of national currencies in trade among the members. This step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements," he said.