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BRICS: Paving Progress alongside G-7, Not Against It

BRICS: Paving Progress alongside G-7, Not Against It

Speaking at today's BRICS summit, Brazil's President, Luiz Inácio Lula da Silva, emphasized that the economic alliance's purpose is not to oppose the G7 nations or the Western world.

Instead, he highlighted that BRICS aims to foster coordination among its members to support the development of countries in the global south.

The consortium is scheduled to convene this week for its annual summit in 2023. During this gathering, there will be discussions on strategies that could enhance competitiveness vis-à-vis Western counterparts. However, there appears to be an absence of unanimous agreement on whether this competitive approach aligns with the consortium’s core objectives.

The upcoming BRICS 2023 Summit holds significant importance for the alliance. The agenda includes critical topics that could significantly shape the bloc’s future trajectory. Observers on the global stage will be keenly interested in the outcomes of these discussions.

As the BRICS summit commences today, Brazil has restated its commitment to maintaining a cooperative stance with the G7. President Lula of Brazil has explicitly voiced reservations about steering the alliance towards direct competition with Western powers. He articulated a vision wherein the primary focus of the consortium remains on advancing the interests of the global south.

Lula’s remarks to Reuters underscored this perspective: “Our intention is not to counterbalance the G7, G20, or the United States. Our primary aim is effective organization.” Furthermore, he expressed BRICS’ aspiration to function as a “multilateral institution, inclusive rather than exclusive,” particularly when discussing expansion plans.

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Lula’s advocacy for a shared currency and cautious expansion policies has been consistent. Notably, Brazil has consistently championed the use of local currencies over the US dollar. However,

Lula also acknowledged potential downsides to unfettered expansion. He emphasized the need for prudent measures to prevent the consortium from becoming fragmented.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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