Lula Urges BRICS to Stand Against Protectionism
Brazil's Lula da Silva has stated that BRICS is dedicated to utilizing new payment platforms in response to increasing tariff threats in global trade. Read Full Article at RT.com.
TroibNews 
The Brazilian president has indicated that the group is dedicated to creating secure payment platforms as tariff threats from the US escalate.
The BRICS nations are focused on establishing new “transparent and secure” payment systems to enhance their economic integration and decrease “vulnerabilities” in the global market, according to Brazilian President Luiz Inacio Lula da Silva.
Lula made these remarks during a meeting of the group’s sherpas on Thursday, as BRICS continues its efforts to promote trade in national currencies and reduce reliance on the dollar.
He emphasized that Brazil’s leadership of BRICS this year would bolster the group’s initiative for a multipolar world and aid in the “development of complementary, voluntary, accessible, transparent and secure payment platforms.”
BRICS, which recently expanded to include Brazil, Russia, China, South Africa, Egypt, Ethiopia, India, Indonesia, Iran, and the United Arab Emirates, has been increasing the use of national currencies for trade among its members.
“The current protectionist escalation in the area of trade and investment reinforces the importance of measures that seek to overcome obstacles to our economic integration. Increasing payment options means reducing vulnerabilities and costs,” Lula stated.
This comment follows a series of threats made by US President Donald Trump toward BRICS since his reelection last November.
Trump has recognized that the group's effort to minimize dependence on the dollar in bilateral trade and promote national currencies threatens the dominance of the US dollar, which he aims to defend.
He has warned of cutting trade with BRICS nations if they attempt “to destroy” the dollar. Earlier this month, he reiterated his commitment to imposing significant tariffs on all imports from BRICS countries if they move forward with plans to create a common currency.
Trump cautioned last week that “any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff.”
Speculation regarding a potential single currency for BRICS has circulated in recent years. In 2023, Lula voiced support for the concept of a trading currency within the economic alliance, likening it to the euro.
While BRICS members have denied intentions to create a single currency, they have intensified their efforts to lessen their dependence on Western currencies in bilateral trade.
This shift gained considerable traction after Russia was excluded from the Western financial system and had its foreign reserves frozen in 2022 due to sanctions related to Ukraine. BRICS nations, including Russia, have argued that US actions are undermining the dollar by politicizing it through sanctions.
Emily Johnson contributed to this report for TROIB News
The BRICS nations are focused on establishing new “transparent and secure” payment systems to enhance their economic integration and decrease “vulnerabilities” in the global market, according to Brazilian President Luiz Inacio Lula da Silva.
Lula made these remarks during a meeting of the group’s sherpas on Thursday, as BRICS continues its efforts to promote trade in national currencies and reduce reliance on the dollar.
He emphasized that Brazil’s leadership of BRICS this year would bolster the group’s initiative for a multipolar world and aid in the “development of complementary, voluntary, accessible, transparent and secure payment platforms.”
BRICS, which recently expanded to include Brazil, Russia, China, South Africa, Egypt, Ethiopia, India, Indonesia, Iran, and the United Arab Emirates, has been increasing the use of national currencies for trade among its members.
“The current protectionist escalation in the area of trade and investment reinforces the importance of measures that seek to overcome obstacles to our economic integration. Increasing payment options means reducing vulnerabilities and costs,” Lula stated.
This comment follows a series of threats made by US President Donald Trump toward BRICS since his reelection last November.
Trump has recognized that the group's effort to minimize dependence on the dollar in bilateral trade and promote national currencies threatens the dominance of the US dollar, which he aims to defend.
He has warned of cutting trade with BRICS nations if they attempt “to destroy” the dollar. Earlier this month, he reiterated his commitment to imposing significant tariffs on all imports from BRICS countries if they move forward with plans to create a common currency.
Trump cautioned last week that “any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff.”
Speculation regarding a potential single currency for BRICS has circulated in recent years. In 2023, Lula voiced support for the concept of a trading currency within the economic alliance, likening it to the euro.
While BRICS members have denied intentions to create a single currency, they have intensified their efforts to lessen their dependence on Western currencies in bilateral trade.
This shift gained considerable traction after Russia was excluded from the Western financial system and had its foreign reserves frozen in 2022 due to sanctions related to Ukraine. BRICS nations, including Russia, have argued that US actions are undermining the dollar by politicizing it through sanctions.
Emily Johnson contributed to this report for TROIB News
