Brazil’s Lula Da Silva calls for new world order as he says financial integration of emerging markets is key - BRICS Summit

Brazilian President Lula Da Silva at the Sandton Convention Centre. Picture: GCIS

Brazilian President Lula Da Silva at the Sandton Convention Centre. Picture: GCIS

Published Aug 22, 2023


Brazil has emphasised the need to accelerate developmental projects that will enhance the quality life for people in developing countries, particularly those within the BRICS bloc countries.

Speaking at the opening of the 15th BRICS Summit held in Sandton, Johannesburg, on Tuesday, Brazil’s president Luiz Inacio Lula Da Silva said the financing needs of developing countries remains a high priority adding this is why his country was advocating for the idea of financial integration on the global stage.

Lula’s remarks at the Summit also focused on the expansion of the BRICS bloc and the addition of other African states.

“Africa is at the heart of the digital and energy transition. Internet coverage already reaches most of the African population,” Lula said.

On global warming, Lula said while Africa emits the least amount of gas house emissions, it is not immune to severe global warming conditions such as floods saying Brazil and many African countries have a comprehensive plan to renew their energy mixes.

While he noted the significant strides over the years, Lula lamented the current deficit in trade relations between Africa and Brazil.

He also said the willingness by BRICS countries to increase sea and air connections is important.

“It is inexplicable that we still do not have direct flights between Johannesburg and São Paulo,” he said, adding the establishment of multilateral agreements of air services with aviation authorities from various countries was a relevant proposal.

Brazil will serve as the host of the G20 Summit in Rio de Janeiro in 2024 and Lula believes that with the participation of South Africa, this will also help the African Union going forward.

Meanwhile, Indian Prime Minister Narendra Modi said despite volatile economic times, his country is the fastest emerging economy in the world.

India’s Prime Minister Narendra Modi at the BRICS Summit in Johannesburg, South Africa. Picture: GCIS

“Very soon India will become a $5 trillion economy,” he said and added the success was due to several mechanisms they had put in place over the last few years such as removing red tape and boosting investor confidence.

He said India has also undertaken a special focus on public service delivery.

As part of India’s efforts to further bolster trade and economic relations, is expected to meet with People’s Republic of China President Xi Jinping on the sidelines of the Summit.