TEHRAN – Iranian Parliament Speaker Mohammad Baqer Qalibaf says Tehran and Caracas are determined to expand comprehensive bilateral cooperation, calling for a transition from dollar-based transactions to national currencies and the use of the BRICS Pay system in their trade relations.

Qalibaf made the remarks on Sunday during a meeting with Iranian and Venezuelan business leaders and private sector representatives in Caracas. The visit marks the beginning of his three-nation tour of Latin America, which will also take him to Cuba and Brazil to participate in the Parliamentary Forum of BRICS member states.

Emphasizing the need to overcome existing obstacles in banking and finance, Qalibaf highlighted the role of the Iran-Venezuela joint bank and underlined the potential of BRICS Pay — the economic bloc’s alternative to the SWIFT system — to facilitate smoother financial transactions between the two heavily sanctioned nations.

"Replacing the dollar with national currencies and regional payment systems like BRICS Pay can neutralize the impact of foreign pressure on our economies," he said. "Traders and private sector actors in Iran and Venezuela are on the frontlines of the economic war waged by our common adversaries."

The speaker reaffirmed that expanding Iran-Venezuela ties is a definitive policy of the Islamic Republic, and called for the swift implementation of long-term strategic agreements to solidify cooperation across vital sectors.

“The more coordinated countries with shared interests and common adversaries are, the more effectively they can capitalize on opportunities and confront threats,” he said.

Qalibaf pointed to wide-ranging areas of cooperation, particularly in oil, energy, and OPEC-related coordination, as key examples of the two countries’ strategic alignment. He also emphasized the importance of leveraging geographic advantages in both countries to bolster economic growth.

The Iranian speaker stressed the urgency of removing banking hurdles and establishing free trade mechanisms to facilitate smoother private sector engagement. He noted that the Iran-Venezuela partnership is grounded in sustainable and logical economic principles based on mutual supply and demand.

In June 2022, Iran and Venezuela signed a 20-year cooperation agreement during Venezuelan President Nicolás Maduro’s official visit to Tehran. The deal includes collaboration in oil, petrochemicals, defense, agriculture, tourism, and culture, and provides for the repair of Venezuelan refineries as well as the export of Iranian technical and engineering services.