AS more and more countries are joining the BRICS economic bloc, the president of Brazil expressed support for their accession as well as for establishing a common currency for trade.
Brazilian President Luiz Inacio Lula da Silva expressed support for the accession of more and more countries to the 5-member BRICS economic bloc.
Brazil composes of five emerging economies of Brazil, Russia, India, China, and South Africa.
And according to Lula, the expansion of BRICS enables the bloc to play a more important role in the global economy.
“I think it’s extremely important that we allow other countries that fulfill the BRICS conditions to be allowed into the group,” Pres. Luiz Inacio Lula da Silva, Brazil said.
South Africa, which currently holds the BRICS rotating presidency, said that more than 40 countries, including Argentina, Algeria, Nigeria, Mexico, Saudi Arabia, and the United Arab Emirates have expressed their interest in joining the bloc.
He also expressed his support for the establishment of a BRICS common currency for trade between member countries in a bid to end the reliance on the U.S. dollar.
Lula has been known to be vocal about de-dollarization.
“Everybody knows that I support the idea of countries trading in their own currencies. As I have been saying publicly, why does Brazil need to use the U.S. dollar to trade with China? Why can’t we use our own currencies?” Lula said.
The Brazilian president said he has high expectations for the upcoming BRICS Summit which will be held in South Africa from August 22 to 24.
