Lula Proposes BRICS Currency, But Makes Unfriendly Comments Towards Russia and China - Global Research
Global ResearchMAY 2023
The China summit between Lula and Xi is a powerful demonstration of the BRICS countries' growing self-reliance and the ongoing transition to a multipolar era. This is also underscored by the fact that China and Brazil have already agreed to facilitate bilateral trade in their national currencies — striking another blow against "dollar hegemony" and the declining US. The future belongs to the Global South, and in tackling challenges such as extreme poverty, and reindustrialization, Brazil will benefit enormously from China's experience.
While Lula's China trip may, on the surface, signal a recovery in Brazilian-Chinese ties, it is ironically the PRC-dominated BRICS that could emerge as the arena of competition between them. Lula faces the difficult task of maintaining a balanced stance towards Washington and Beijing while advancing regional integration. Moreover, parts of the Brazilian public are concerned that further integration with China could lead to socioeconomic drawbacks. Despite all the mutual expressions of sympathy, the future of bilateral relations is uncertain, and an anti-Western power bloc is suspect at best.