Brazil’s President Says BRICS Not Seeking to Counter US, G7, or G20 — Pushes for BRICS Currency

Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economical bloc does not privation to beryllium “a counterpoint to the G7, G20, oregon the United States,” emphasizing that the BRICS nations “just privation to signifier ourselves.” The Brazilian person besides pushed for “the instauration of a currency for commercialized and concern transactions betwixt BRICS members.”

Lula: BRICS Not Seeking to Challenge US, G7, G20

Brazil’s President Luiz Inacio Lula da Silva shared his perspectives connected assorted matters concerning the BRICS economical bloc connected Tuesday successful Johannesburg. The Brazilian person arrived successful South Africa connected Monday to be the yearly BRICS acme that is taking spot connected Aug. 22-24. All leaders from the BRICS countries (Brazil, Russia, India, China, and South Africa) are attending the summit, but Russian President Vladimir Putin is not attending successful person.

Commenting connected the BRICS economical bloc rivaling the Group of Seven (G7), G20, and the U.S., arsenic immoderate person suggested, Lula stressed:

We bash not privation to beryllium a counterpoint to the G7, G20 oregon the United States … We conscionable privation to signifier ourselves.

Lula besides expressed his endorsement of the enlargement of the BRICS bloc — 1 of the cardinal topics discussed astatine the BRICS summit. “We privation BRICS to beryllium a multilateral institution, not an exclusive club,” helium emphasized, peculiarly highlighting his enactment for Argentina joining the group.

South Africa, the big of the BRICS acme this year, claimed that 23 countries person formally applied to articulation the group: Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia. However, astatine slightest 1 state connected the database has denied applying for membership. South African officials besides antecedently stated that more than 40 heads of state are participating successful the summit.

The Brazilian president has agelong been a vocal professional of the U.S. dollar’s dominance successful planetary commercialized and has called connected nations to abandon the dollar successful favour of nationalist currencies. He maintains that countries should opt for their respective currencies alternatively than relying connected the USD.

Lula besides supports the thought of establishing a unified BRICS currency that galore expect to undermine the dominance of the U.S. dollar. He said astatine the opening plenary of the BRICS summit:

The instauration of a currency for commercialized and concern transactions betwixt BRICS members increases our outgo options and reduces our vulnerabilities.

What bash you deliberation astir the statements by Brazilian President Luiz Inacio Lula da Silva regarding the BRICS economical bloc and its communal currency? Let america cognize successful the comments conception below.