The former president of Brazil and director of the New Development Bank, Dilma Rousseff, considered that the BRICS bloc of emerging economies has already surpassed the G7, if its GDP is taken as a measuring parameter.
Quoted by the official Xinhua news agency, Dilma Rousseff said that the countries that make up BRICS (block formed by Brazil, Russia, India, China and South Africa plus Egypt, Iran, United Arab Emirates and Ethiopia) they are “powerful economies with great potential and potential for growth”.
The statements of the former president of Brazil (2011-2016) coincide with the beginning, this Tuesday, of the bloc’s summit in the Russian city of Kazan.
The member countries of the group “understood that It is extremely important that emerging and developing countries have adequate mechanisms and instruments.”Dilma noticed.
“That’s why, created the New Development Bank and the Reserve Bank“, Dilma added, referring to the bank she leads and the Contingency Reserve Arrangement (CRA), created for competing institutions such as the IMF or the World Bank.
The Kremlin confirmed that 24 heads of state and government will participate in the BRICS summit in Kazan, including the leaders of China, India and Türkiye.
Lula slips in bathroom, goes to hospital and cancels trip to Russia for BRICS summit
In June, Dilma visited Russia, where she met with Russian President Vladimir Putin. The two of them discussed a financing strategy for important projects on Russian territory at the BRICS credit institution.
Last year, the institution announced a temporary cessation of its operations in Russia, as “an international financial system cannot be denied” in the context of Western sanctions against Moscow due to the war in Ukraine.
The decision to create a bank within the BRICS countries was taken in 2013, during the Durban summit, in South Africa, and a year later this decision was sealed in Brazil when the corresponding agreement was signed.
The BRICS New Development Bank, headquartered in the Chinese city of Shanghai, officially began operations in July 2015.