PM Modi, Iran's Pezeshkian hold talks on BRICS sidelines, second meet in 2 weeks

The meeting came as the escalating US-Iran conflict pushed oil prices past $100 and raised fears of wider disruption to global energy supplies.

In Short

• Modi and Pezeshkian meet amid rising Iran-US tensions in West Asia
• PM Modi reiterates dialogue, uninterrupted navigation for peaceful world
• Iranian President seeks reduced dependence on US dollar amid sanctions

Prime Minister Narendra Modi told Iranian President Masoud Pezeshkian that the conflict in West Asia must be resolved through dialogue and diplomacy during their meeting on the sidelines of the BRICS Summit in New Delhi.

PM Modi called for sustained efforts to restore peace and stability while safeguarding freedom of navigation and commerce and ensuring the safety of seafarers in the region.

The meeting came as escalating tensions between Iran and the United States pushed oil prices past $100 and raised fears of further disruption to global energy supplies.

It marked the second meeting between the two leaders in quick succession, following their brief interaction at the Shanghai Cooperation Organisation Summit in Bishkek earlier this month.

PM Modi thanked Iran for maintaining high-level participation in BRICS meetings despite the conflict. He said the grouping could strengthen resilience, innovation, cooperation and sustainability across the Global South.

Following the talks, Modi said India and Iran had agreed to pursue a long-term strategy based on mutual benefit. Pezeshkian was on his first visit to India.

Iran, meanwhile, hailed the historical friendship between the two countries as it shared a photograph of the two leaders holding hands at the BRICS Business Summit. The image also underscored New Delhi’s continued diplomatic engagement with Tehran amid the escalating tensions.

The meeting held particular significance for India, which relies heavily on energy imports, has thousands of citizens working across West Asia and considers Iran’s Chabahar port a strategic gateway to Afghanistan and Central Asia.

PEZESHKIAN SEEKS REDUCED RELIANCE ON US DOLLAR

Addressing the BRICS Business Summit earlier, Pezeshkian urged member countries to expand trade in national currencies and reduce their reliance on the US dollar.

He also proposed creating a joint reinsurance fund with an initial capital of $10 billion to cover risks associated with major infrastructure and energy projects.

The Iranian president called for closer integration of trade and transport networks, the introduction of digital customs procedures and the removal of regulatory barriers. He also sought a larger role for the New Development Bank in financing projects across BRICS countries.

Pezeshkian proposed greater cooperation in artificial intelligence, cybersecurity, common industrial standards and cross-border markets.

Citing Iran’s energy reserves and strategic location, he said the country could play a significant role in BRICS supply chains for energy, food and transport.

He also urged the BRICS Business Council to move beyond discussions and set measurable targets for trade, settlements in national currencies and private investment.

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