Brazil’s President Urges Shift from Dollar in Trade and Embraces BRICS Growth
Brazil’s President Luiz Inacio Lula da Silva has once again emphasized his push for a shift away from the U.S. dollar in global trade and reiterated his support for expanding the BRICS economic bloc.
Lula spoke during a recent press briefing with international journalists, reaffirming his stance against the dominance of the dollar in international trade. He argued for the use of national currencies in trade settlements and questioned the need for Brazil to rely on the dollar for trade with countries like China and Argentina. Lula also expressed his backing for the establishment of a unified BRICS currency that could challenge the dollar’s supremacy. While acknowledging the aspiration for an alternative to the USD, Leslie Maasdorp, vice president of the BRICS Bank, noted that it remains a long-term goal.
Additionally, President Lula discussed BRICS expansion ahead of the group’s summit, expressing openness to new member countries that adhere to established rules. Over 40 countries have shown interest in joining the bloc, and Lula emphasized a willingness to consider their entry based on compliance with the group’s criteria. The BRICS summit is set to take place in Johannesburg, featuring invited leaders from across the world, including Africa.
Clever Robot News Desk 9th August 2023
Related Article
