Brazilian president considers enlarged BRICS stronger than G7

The Brazilian president considers enlarged BRICS stronger than G7.

Luiz Inácio Lula da Silva discussed the summit and BRICS’ strength during his program, broadcasted by EBC.

He believes the BRICS expansion will change global economic discussions.

By purchasing power parity, BRICS currently represents 32% of global GDP, whereas G7 only represents 29%.

Lula da Silva suggests BRICS could create its own trading currency, reducing reliance on the dollar.

He said that trading in their own currencies is feasible and should be discussed by Finance Ministers.

The initiative aims to defend the Brazilian economy, not oppose the dollar. It is intended to support Brazil, its trade, and its currency, the real.

The BRICS expansion process will begin in January 2024, adding six new members.

President Lula da Silva highlighted the growing influence of BRICS in the global economy following a recent summit.

He suggested the bloc could create its own trading currency, reducing reliance on the dollar and supporting the Brazilian economy.

The initiative aims to favor Brazil, its trade, and its real currency rather than oppose the dollar.

Lastly, the president announced the expansion of BRICS, adding six new members starting January 2024.

This move further signifies the strengthening and growing importance of BRICS in the world economy.

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