Brazil’s President Luiz Inácio Lula da Silva has spoken in favor of expanding BRICS, a coalition presently composed of Brazil, Russia, India, China, and South Africa, to include Saudi Arabia, Argentina, and possibly the United Arab Emirates.
As reported by local outlets, he made these comments during a breakfast meeting with foreign correspondents at the Palácio do Planalto.
Additionally, Lula criticized the G7, considering it an outdated “club” that should no longer exist, and questioned its relevance after the creation of the G20.
He expressed concern over the continuity of G7, given the overlap in membership with the G20.
Lula’s remarks also extended to criticisms of international organizations such as the International Monetary Fund (IMF) and the United Nations (UN).
He expressed the importance of new members in BRICS and emphasized the need for a joint decision by current members.
Lula also showed concern for Argentina’s economic situation, urging the IMF to be more considerate of the country’s hardships.
Furthermore, Lula defended strengthening the BRICS Bank and emphasized utilizing its resources to finance projects for member countries’ development.
He underscored his view that the Brics Bank should be more effective and generous than the IMF in assisting developing nations without exacerbating their economic difficulties.
BRICS SUMMIT
The upcoming BRICS summit in Johannesburg will focus on the pivotal decision to accept new members, a move strongly pushed by China and Russia but viewed cautiously by Brazil, which finds itself in a minority stance.
China and Russia see the expansion as a means to boost their global influence, while Brazil fears it may dilute the bloc’s standing.
Approximately 30 countries have shown interest in joining, with 22 submitting formal applications.
Notable candidates include Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia.
Russia and India, previously opposed to expansion, have recently shifted their positions, contributing to Brazil’s minority view.
Brazil supports a gradual, regionally balanced process and the idea of admitting new countries as partners, not full members.