Brazil's President Lula da Silva Spearheads De-Dollarization Agenda at BRICS Summit

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Brazil's President, Luiz Inácio Lula da Silva, has unveiled his plans to address the topic of de-dollarization during the upcoming BRICS meeting. Lula da Silva expressed his desire to explore the possibility of conducting trade between Brazil and Argentina, as well as Brazil and China, in their respective national currencies instead of the U.S. dollar. This proposal will be put forth by the Brazilian president at the BRICS summit, which is scheduled to take place in Johannesburg, South Africa, from August 22 to 24.

The announcement was made by President Lula da Silva during the Paris summit on a new global financial pact, where leaders from 50 nations convened for discussions on reforming the international financial system. The primary objective of the summit, hosted by French President Emmanuel Macron, is to reach a consensus on necessary reforms and generate proposals for further consideration in other forums.

Notably, President Macron has expressed his interest in attending the forthcoming BRICS summit. However, Russia has voiced opposition to his participation, citing what they perceive as a "hostile and unacceptable policy" towards Moscow. Despite this, the Brazilian president remains steadfast in his pursuit of de-dollarization and the development of a common currency within the BRICS nations, drawing parallels to the creation of the euro in Europe.

Lula da Silva has emphasized the importance of countries moving away from reliance on the U.S. dollar in global trade, advocating for the use of national currencies instead. Furthermore, he has expressed his support for the BRICS bank, considering it as a viable alternative financial institution. The Brazilian president has highlighted the need to strengthen cooperation with the African Development Bank and foster the BRICS bank's role in financing various projects.

As preparations for the BRICS summit continue, it remains to be seen how the proposal for de-dollarization and the creation of a common currency within the bloc will be received by the other member nations. Nevertheless, President Lula da Silva's determination to raise these critical issues demonstrates Brazil's commitment to reshaping the global financial landscape and promoting greater economic autonomy among the BRICS nations.

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