KAZAN, October 24. /TASS/. BRICS has become a successful model of cooperation, Iranian President Masoud Pezeshkian said at the BRICS Plus/Outreach meeting during the association's 16th summit.

"BRICS has managed to establish itself as a successful model of cooperation and convergence among countries at both regional and international levels," he noted, emphasizing that building "a better world on one's own is impossible." Pezeshkian also called for a more balanced world order based on justice and stability, free from wars, sanctions, and genocide.

"In the near future, countries operating within a unipolar world paradigm will impose numerous restrictions on developing countries' access to new technologies. To overcome these obstacles, we must take joint action. We will have no choice but to invest together, share experiences, and accelerate joint ventures," Pezeshkian added. He believes that artificial intelligence technologies will have a profound impact on humanity.

"The use of national currencies in trade transactions, new banking platforms, cryptocurrency, and the strengthening of the New Development Bank (NDB) and the Reserve Fund [a pool of conventional currency reserves - TASS] will create a better world for everyone," the Iranian president said.

The 16th BRICS summit, which has become a key event of Russia's chairmanship in the association, is taking place in Kazan on October 22-24. On the second day of the event, its participants adopted the Kazan Declaration, focusing on the group’s development, global issues and the need to resolve regional crises, including in Ukraine and the Middle East.

The BRICS group was established in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Iran, the United Arab Emirates and Ethiopia joined the association. The Kazan Summit was the first time they participated as full members.