“The bloc can launch a common currency to ease trade between members because we don’t need to continue trading with the dollar,” said Brazil’s president.
Brazilian President Lula da Silva said the BRICS group has become “more powerful, stronger, and more important” after more countries joined the grouping of developing economies last week.
Lula discussed the bloc’s leaders’ conference in Johannesburg, South Africa, in his usual weekly broadcast, Conversation with the President.
“I believe the world will be different after the BRICS enlargement, at least in economic discussions,” the Brazilian president remarked.
“The bloc can launch a common currency to ease trade between members because we don’t need to continue trading with the dollar,” he continued.
“We can easily negotiate with our currencies.” “We have to do it and approve the finance ministers discussing it throughout the year to see if we can establish a reference currency for exports when we get to the next summit,” he said.
The program is not anti-dollar, but rather works to strengthen Brazil’s economy. “It benefits Brazil, Brazilian trade, and the real,” Lula emphasized.
At the summit, the BRICS (Brazil, Russia, India, China, and South Africa) declared the commencement of an expansion process that will see Argentina, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran join the bloc in January 2024.
