Brazilian President Luiz Inácio Lula da Silva Reiterates BRICS Commitment to Dedollarization Agenda

Brazilian President Luiz Inácio Lula da Silva Reiterates BRICS Commitment to Dedollarization Agenda

ByPasarextra

Brazilian President Luiz Inácio Lula da Silva has reaffirmed BRICS’ commitment to advancing the dedollarization agenda. In a recent statement, President Lula emphasized that under his leadership, the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—will prioritize the development of a new payment system as a viable alternative to the US dollar.

President Lula also highlighted Brazil’s plans to create a transparent and secure payment system during his presidency. This initiative aims to boost gross domestic product (GDP), strengthen the economies of BRICS member nations, and promote the use of local currencies. By reducing reliance on the US dollar, the bloc hopes to foster business growth and enhance economic cooperation among its members.

The proposed payment system is expected to be a key topic of discussion at the upcoming BRICS Summit, scheduled for July 6-7, 2025, in Rio de Janeiro, Brazil. During the summit, member countries will deliberate on policies, sign new trade agreements, and potentially unveil further details about the new payment mechanism.

While some BRICS members have shown hesitation regarding the dedollarization mission, the alliance remains steadfast in its goal to reduce the dominance of the US dollar in global trade. President Lula reiterated that BRICS will continue to explore alternative platforms for cross-border payments among member countries.

This move comes despite previous warnings from former US President Donald Trump, who threatened to impose tariffs of up to 100% on countries attempting to replace the US dollar. However, BRICS nations, including Brazil, remain undeterred by such threats and are committed to achieving their economic objectives.

The 17th BRICS Summit is expected to provide a platform for further discussions on dedollarization and other initiatives aimed at strengthening the bloc’s economic resilience. As the world watches closely, BRICS continues to push for a more multipolar global financial system.