Lula da Silva’s BRICS Vision Shines Light on De-dollarization at Global Financial Reform Summit
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Brazilian President Lula da Silva wants to discuss an important topic at the upcoming BRICS meeting. He’s curious about why Brazil and Argentina trade using US dollars instead of their own currencies.
He also wonders why Brazil and China can’t trade using their own currencies. Lula da Silva wants to understand why it’s necessary to buy dollars and plans to talk about this during the meeting.
Lula da Silva Pushes for De-dollarization at BRICS Summit
As mentioned above, Brazilian President Lula da Silva wants to talk about de-dollarization at the upcoming BRICS meeting. However, the BRICS countries (Brazil, Russia, India, China, and South Africa) will meet in Johannesburg on August 22-24. Lula da Silva plans to discuss this issue, which was reported by Tass during the Paris Summit on a new global financial pact.
President Lula da Silva expressed his confusion regarding why Brazil and Argentina trade in dollars instead of their own currencies. He emphasized the need to explore the possibility of conducting trade in their respective national currencies. Meanwhile, he questioned why Brazil and China cannot engage in trade using their own currencies.
Thereby, the President wants to talk about why we rely on buying dollars, and he’s determined to discuss it at the BRICS meeting. He thinks it’s important to address this issue and start a conversation about it.
President Lula da Silva’s intention is to simplify and streamline trade processes within the BRICS bloc by reducing reliance on the U.S. dollar. By utilizing their own currencies for trade, Brazil and its BRICS partners could potentially enhance economic cooperation and strengthen their respective financial systems.
Therefore, the president’s focus on this issue highlights his commitment to exploring alternatives and fostering greater autonomy for member countries within the BRICS framework.
Global Financial Reform Summit in Paris and Lula da Silva’s Vision for BRICS
Leaders from 50 nations have gathered in Paris for a two-day summit on a new global financial pact, hosted by French President Emmanuel Macron. However, the primary objective of this meeting is to achieve a consensus on reforming the global financial system and develop proposals for further discussions in other forums.
Notably, Brazilian President Luiz Inácio Lula da Silva has expressed interest in attending the upcoming BRICS summit. However, Russia has opposed President Macron’s participation, citing a “hostile and unacceptable policy” towards Moscow.
President Lula da Silva has been advocating for countries to move away from relying on the U.S. dollar in global trade and instead use their own national currencies.
He has also shown support for the idea of establishing a common currency within the BRICS bloc, a topic expected to be on the agenda for the forthcoming leaders’ summit.
In April, President Lula da Silva stated his favor for creating a trading currency among BRICS countries, similar to how the euro was introduced in Europe.
Additionally, President Lula da Silva views the BRICS bank as an alternative financial institution and aims to strengthen its role in financing. He has emphasized the importance of reinforcing cooperation with the African Development Bank to further enhance the influence of the BRICS bank.
The summit in Paris provides an opportunity for world leaders to engage in discussions that could shape the future of the global financial system and explore avenues for increased financial cooperation among nations.
