Iran's initiative to integrate the payment systems of the ten BRICS member states holds significant potential for both individual member nations and the bloc as a whole, according to Iranian political and economic expert Alireza Mohammadi, the coordinator and founder of the House of Wisdom think tank.
“The benefits include promoting trade, economic governance, currency stability, stabilizing BRICS economies, ensuring sustainable development, welcoming other countries, paving the path for the BRICS Development Bank, creating a united BRICS market, and establishing a BRICS currency,” he told Sputnik Africa.
The expert noted that Western economies have failed to offer a viable alternative to the US-imposed economic order since the 2008 financial crisis, "preferring to export their crises to the developing world while promoting terrorism in these regions over the past decade."
He criticized Western economic policies as exploitative and pointed to the persistent challenges faced by developing countries in Africa. On the contrary, he highlighted the benefits that the BRICS partnership could bring to African states:
“This is a great opportunity for African nations to rise and leverage their global share,” Mohammadi stressed.
Western countries, according to Mohammadi, fear a shift in the global economic order that could undermine their dominance.
“However, their only option is to accept a fairer global economic order and participate in the transition,” he concluded.