Creating new perspectives since 2009

Brazil: the world will not be the same after BRICS expansion, says president

August 30, 2023 at 12:39 pm

Brazilian President Inacio Lula da Silva makes a speech during the 15th BRICS Summit in Johannesburg, South Africa on August 24, 2023 [Handout – BRICS – Anadolu Agency]

Brazilian President Luiz Inacio Lula da Silva has said that the world with its different blocs and powers “will not be the same after the expansion of the BRICS group” during the recent South African summit. President da Silva, otherwise known simply as Lula, made his comment in a weekly video presenting the most prominent local developments, Anadolu has reported. 

He pointed out that BRICS has become more powerful and important after taking new members on board. South African President Cyril Ramaphosa announced last Thursday that BRICS had approved six new member states, including Egypt, Saudi Arabia and the UAE, bringing the total number of members to eleven. The other new members are Argentina, Ethiopia and Iran.

This, said Lula, is going to change the world, especially with regard to economic discussions. He suggested that the group could even launch a common currency to facilitate trade between members. Such a common currency would be possible because the group doesn’t need to continue trading in US dollars.

This was a point noted by Russian President Vladimir Putin twice during the South African summit. “The objective, irreversible process of ‘de-dollarisation’ of our economic ties is gaining momentum,” he said.

READ: Egypt hopes BRICS entry will lure foreign cash, but analysts counsel patience