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

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Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economic bloc does not want to be “a counterpoint to the G7, G20, or the United States,” emphasizing that the BRICS nations “just want to organize ourselves.” The Brazilian leader also pushed for “the creation of a currency for trade and investment transactions between BRICS members.”

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

Brazil’s President Luiz Inacio Lula da Silva shared his perspectives on various matters concerning the BRICS economic bloc on Tuesday in Johannesburg. The Brazilian leader arrived in South Africa on Monday to attend the annual BRICS summit that is taking place on 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 in person.

Commenting on the BRICS economic bloc rivaling the Group of Seven (G7), G20, and the U.S., as some have suggested, Lula stressed:

We do not want to be a counterpoint to the G7, G20 or the United States … We just want to organize ourselves.

Lula also expressed his endorsement of the expansion of the BRICS bloc — one of the key topics discussed at the BRICS summit. “We want BRICS to be a multilateral institution, not an exclusive club,” he emphasized, particularly highlighting his support for Argentina joining the group.

South Africa, the host of the BRICS summit this year, claimed that 23 countries have formally applied to join 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, at least one country on the list has denied applying for membership. South African officials also previously stated that more than 40 heads of state are participating in the summit.

The Brazilian president has long been a vocal critic of the U.S. dollar’s dominance in international trade and has called on nations to abandon the dollar in favor of national currencies. He maintains that countries should opt for their respective currencies rather than relying on the USD.

Lula also supports the idea of establishing a unified BRICS currency that many expect to undermine the dominance of the U.S. dollar. He said at the opening plenary of the BRICS summit:

The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities.

What do you think about the statements by Brazilian President Luiz Inacio Lula da Silva regarding the BRICS economic bloc and its common currency? Let us know in the comments section below.