At a bank event in Fortaleza, Brazil’s President Lula called for equality, representing the voice of the Global South.
He said, “We are the Global South and demand equality.”
He believes a growing BRICS will help emerging countries. They can now demand to be treated as equals.
A recent summit in South Africa added new BRICS members. Argentina, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia will join in 2024.
Lula stated that this enlarged BRICS will change the world. “It’s now stronger than the G7,” he concluded.
In 1995, G7 countries had 45% of the global GDP, while BRICS had 16%. “Now it’s 32% for BRICS and 29% for the G7,” the third-time Brazilian president added.
Lula also suggests a single currency for BRICS. This could make these countries less vulnerable and lessen dollar use.
BRICS started 2009 with four countries: Brazil, Russia, India, and China. South Africa joined in 2010. The group aims to speak for emerging economies.
The focus is on trade, investment, and political cooperation. For years, the G7 held most of the power in global talks. But things are changing.
Emerging economies are growing. They have a big say in global matters now. BRICS countries make up 42% of the world’s population.
Their combined GDP is also impressive.
The idea of a BRICS single currency is not new. It has challenges. Every member country has its own economy.
New members show BRICS wants to grow. This can change the balance of global power. These countries want more say in world matters.
Lula’s call for equality reflects a bigger feeling. Many countries feel ignored in global talks. They want a say too.
It’s not just about money. Issues like climate change and healthcare need global action. A bigger, more inclusive BRICS could be a step towards that.