Proposal would serve for international transactions of the emerging economies block, functioning as an alternative to the dominance of the dollar and aiming at reducing costs
defended again on Friday (4), a common currency of the ignoring the US government’s threats to declare a tariff war against those who threaten the global hegemony of the dollar. Lula spoke at the opening of the 10th Annual Meeting of the Novo Development Bank (NDB), BRICS financial institution, at the first event linked to the group’s summit, which officially begins on Sunday (6). The currency that would serve for international BRICS transactions would be an alternative to dollar dominance and to reduce costs. Lula supports the idea publicly since at least 2023, but the matter had been set aside due to the sensitivity of the subject.
The agenda appeals to countries that rivals economically with the US, such as China, and those targets of economic sanctions, such as Russia and Iran. However, it had been slowed down by Brazil’s choice, for the potential of friction with Washington, and by accentuating the view that BRICS became an anto -ceids. US President Donald Trump even threatened to tax exports in countries that wanted to destroy the American currency of his hegemonic position.
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The Brazilian government has devoted itself to combating this perception of BRICS, strong in the US and Europe, and took the suggestion to create a currency for trade proposal to be discussed this year – which did not dissuade the president to defend the idea.
Trump was also the target of NDB president Dilma Rousseff. At the opening of the meeting, she stated that the world is more fragmented, unequal and exposed to overlapping – climate, economic and geopolitical crises – made a veiled criticism of the White House’s tariff policies. “We witness a retreat in the cooperation and resurgence of unilateralism. Tariffs, sanctions and financial restrictions are being used as tools of political subordination,” he said.
Dispute
Lula’s speech echoes the domestic dispute and is a message to the clash between Congress and Executive, which led to the overthrow of his decree with an increase in the IOF and made him propose again the proposal for the taxation of great fortunes. The increase aimed to expand revenues to handle the expenses. President will make meetings marathon before opening
Brazilian President Luiz Inacio Lula da Silva will do this Saturday, 5, a marathon of meetings before the opening of the BRICS summit, tomorrow, in Rio. He will meet with leaders of Ethiopia, Nigeria, Vietnam, China and Cuba to discuss global and bilateral themes. Planalto considers to make room on Lula’s agenda for up to eight meetings, which will take place at Copacabana Fort in the afternoon, after the president spoke at the Brics Business Forum, in the Port Zone, in the morning.
Lula will have another opportunity to talk more with leaders of the block at the Museum of Modern Art (MAM), the opening site of the meeting, which ends on Monday (7). Following the BRICS summit, the president returns to Brasilia to receive state visits from India Prime Minister Narendra Modi and Indonesian president Prabowo-Lula should thank the rescue efforts of Brazilian Juliana Marins, who died trail on the volcano on Mount Rinjani in June.
*With information from Estadão Content
