BRICS eyes common currency: Lula highlights trade enhancement and bloc expansion

The President of Brazil, Luiz Inácio Lula da Silva, acknowledged the BRICS summit’s consideration of introducing a joint currency to enhance trade between its founding members: Brazil, Russia, India, China, and South Africa.

Stressing that there’s no rush, he mentioned that member countries have committed to research this possibility and continue the conversation in their next assembly.

Lula emphasized that the aim isn’t to replace national currencies but to foster trade without relying on the dollar.

“The decision to consider a shared currency is about simplifying transactions,” he expressed post-summit in South Africa.

Each member’s economic division will conduct studies to present findings at next year’s summit to establish a balance in trade relations.

On expanding the BRICS coalition, Lula clarified that invitees were nations that had long been interested.

He said the selection wasn’t arbitrary but based on countries’ long-standing interests and alignment with BRICS criteria.

Lula reflected on the evolution of BRICS, recalling skepticism at its inception. He sees its growth akin to watching a child mature.

He underscored the nation’s significance rather than its leaders’ ideology when considering expansion.

He expects more nations to express interest, emphasizing that selections will be meticulous, focusing on geopolitical significance.

He also discussed strengthening regional blocs like Mercosul and Unasul, advocating for equitable treatment.

He remarked on the evolving global dialogue, emphasizing discussions with the “Global South.”

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