Charting a New Path: Brazil’s President Advocates Global Currency and Deepens Economic Bonds with China in BRICS Summit
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Brazil’s President Luiz Inácio Lula da Silva has expressed his belief that the BRICS nations should develop their own common currency to enhance their global competitiveness. During a press conference following his attendance at the G7 meeting in Hiroshima, President Lula highlighted the advantages of a currency independent of the US dollar, emphasizing Brazil’s efforts to strengthen economic ties with China and his hope for the creation of a unified BRICS currency.
These statements reflect a departure from the goals of the G7 nations, which prioritize economic integration with China while avoiding complete disengagement. President Lula’s stance aligns with his previous endorsement of a BRICS currency, challenging the assumption that the US dollar is the default trade currency. Within the BRICS alliance, different leaders have expressed varying opinions on the feasibility and desirability of a common currency, prompting the need for thorough and inclusive discussions on this matter.
Clever Robot News Desk 29th May 2023