BRICS 2023: Putin hails de-dollarisation, Lula vows to fight global colonialism

In his opening remarks at a business forum ahead of the BRICS summit being held in South Africa’s Johannesburg, Russian President Vladimir Putin said the bloc was on the course to meet the aspirations of most of the world community.

In a virtual address delivered on Tuesday (August 22), Putin told the forum, “We cooperate on the principles of equality, partnership support, respect for each other’s interests, and this is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority."

It must be noted that Putin is not attending the summit in-person as he is sought by the West-backed International Criminal Court (ICC) over allegations that he deported Ukrainian children.

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Putin attacks US dollar, yet again

In his address, Putin said the US dollar was losing its global role in an “objective and irreversible” process.

De-dollarisation is “gaining momentum” he said, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.

Putin on BRICS vs G7

The Russian leader said the five nations – Russia, China, India, Brazil and South Africa – are becoming the new world economic leaders, and that their cumulative share of global GDP has reached 26 per cent.

Watch:BRICS summit in Johannesburg: Meet between PM Modi and Xi on cards

He added that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialised nations – accounting for 31 per cent of the global economy, compared to 30% for the G7.

Brazilian leader Lula supports the Common Currency programme

In his remarks at the business forum, Brazilian President Lula da Silva said he supported the BRICS common currency programme that does not aim to replace the national currency regime.

“I support a common trading currency for BRICS countries that will not replace our national currencies,” he said.

“The New Development Bank already represents a milestone in effective collaboration among emerging economies and is expected to be the global leader in financing projects that address the most pressing challenges of our time,” he added.

“We cannot accept new global colonialism,” he said in his speech, in remarks sure to trigger concerns in the West about Brazil’s position on China’s and Russia’s campaign to stand up against Western hegemony.

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