look news india
During the global forum BRICS summit held in Kazan city of Russia, there was an uproar in the corridors of international politics when the President of Iran gave a very aggressive and blunt statement against Western countries and American hegemony. The supreme leadership of Iran, which is facing the brunt of Western sanctions, openly said in this forum of the world’s largest emerging countries that the economic bullying of Western countries that has been going on for decades has broken the back of the developing countries. The Iranian President made a strong call to countries around the world that if the Global South wants to save its sovereignty and economic independence, then they will have to come out of the slavery of the US dollar and rapidly promote mutual trade in their local and national currencies. His sharp and outspoken speech has given sleepless nights to the Western superpowers and has created rumblings of a major change in the global financial system.
Speaking at the BRICS forum, the Iranian President exposed how Western countries have used their political and military power to weaponize global financial institutions and payment systems like SWIFT. A conspiracy is hatched to starve those countries which refuse to bow down to Western policies and completely destroy their economies through economic sanctions. Iran itself has been facing the same unjust and one-sided Western sanctions for the last several decades, due to which the country’s ordinary citizens have faced immense economic hardships. The President stressed that by making the dollar the sole currency of global trade, the US dictates the economy of the rest of the world, and it is time to break this exploitative and discriminatory cycle so that free countries can develop on their own terms.
The demand for ‘de-dollarization’ put forward by Iran in the BRICS conference is no longer just a political slogan but has become a major economic need of the Global South. The BRICS grouping, which already includes giants like Brazil, Russia, India, China and South Africa and now includes several new countries including Iran, controls a huge share of global GDP. If these countries end their dependence on the US dollar and start using their own local currencies for mutual trade, then the economic bullying of Western countries will automatically end. Russia and China are already promoting bilateral trade in their currencies (ruble and yuan), and now with this vocal support from Iran, work is expected to move forward rapidly towards creating a common Alternative Payment System among the BRICS countries.
This statement of the Iranian President has come at a time when the world seems to be divided into two clear poles – on one side are the Western countries and their allies who want to maintain the old global order, and on the other side are those countries rising under the leadership of organizations like BRICS who are demanding a multipolar and equitable world. This echo of Iran in the BRICS conference is proof that despite the sanctions, Tehran has managed to establish its strong presence at the center of global diplomacy. Developing and emerging economies have now understood that instead of relying on the promises of Western countries, they will have to choose the path of mutual cooperation and self-reliance. This consensus reached at the BRICS platform on issues of regional security, development of energy corridors and financial independence may prove to be the last nail in the coffin of American hegemony in the times to come.
After this aggressive and clear call by Iran, serious thinking has started in the International Monetary Fund (IMF), the World Bank and the financial capitals of western countries. Experts believe that if the BRICS countries truly develop a robust and practical mechanism to trade their currencies, the US dollar’s reign as the global reserve currency will be in danger. Although there are some technical and political challenges in this path, such as stability of currencies of different countries and determination of exchange rates, but the political will that is being demonstrated at the BRICS platform is an indication that change is now inevitable. Due to the vocalization of countries like Iran, other oppressed countries of the world are now able to muster the courage to speak openly against western pressure, which will change the entire map of the global economy in the coming decades.