The BRICS economic bloc, according to Brazil’s President Luiz Inacio Lula da Silva, does not seek to be “a counterpoint to the G7, G20, or the United States,” stressing that the BRICS nations “just want to organize ourselves. The Brazilian president promoted “the creation of a currency for trade and investment transactions between BRICS members.”

Lula: BRICS Not Seeking to Challenge US, G7, G20

On Tuesday in Johannesburg, Brazil’s President Luiz Inacio Lula da Silva gave his opinions on many issues relating to the BRICS economic bloc. For the annual BRICS meeting, which will be held in South Africa from August 22–24, the Brazilian president landed there on Monday. All of the BRICS leaders—Brazil, Russia, India, China, and South Africa—are present at the summit, although Vladimir Putin, the president of Russia, will not be there in person.

Regarding the idea that the BRICS economic bloc may compete with the Group of Seven (G7), the G20, and the US, Lula emphasized:

We do not intend to compete with the G7, G20, or the US in any way. All we want to do is arrange ourselves.

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One of the main themes covered at the BRICS conference was the growth of the BRICS bloc, which Lula also endorsed. He reiterated that he supported Argentina’s membership in the organization, saying, “We want BRICS to be a multilateral institution, not an exclusive club.”

Lula is in favor of creating a single BRICS currency, which many believe will challenge the supremacy of the US dollar. At the BRICS summit’s opening session, he stated:

Our alternatives for payment are expanded, and our vulnerabilities are diminished, with the introduction of a common currency for trade and investment activities among the BRICS countries.


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