BRICS strengthening may reshape foundations of global trade — Brazilian president

NEW DELHI, February 21. /TASS/. BRICS strengthening can have a positive effect on the dynamics of international trade and even reshape its foundations, Brazilian President Luiz Inacio Lula da Silva said.

“Half of humankind (the population of BRICS member countries – TASS) will take part in BRICS’s activities and a significant portion of [global] GDP will be generated within BRICS. This will make it possible to establish a new dynamic in trade policy, as well as in cultural policy and relations between states,” he said in an interview with India TV.

According to the Brazilian leader, his country will advocate principles of multilateralism in global trade and will not revise its relations with priority partners. “Brazil doesn’t want another Cold War. Brazil wants to maintain trade relations with the United States, China, India, Russia. <…> I am an advocate of free trade, multilateralism, and harmony between nations,” he said. “That is why I am a staunch supporter of BRICS.”

Lula da Silva is currently on a state visit to India, from where he will travel to South Korea. When he is back in Brazil, he will begin preparations for the election campaign. Presidential elections in Brazil will be held in October.

Headlines are:  India signs critical minerals deal with Brazil to curb dependance on China

Indian Prime Minister Modi hailed the agreement on critical minerals and rare earths as a ‘major step towards building resilient supply chains’. 

What the headlines lose, is that these critical minerals now are owned by BRICS supply chains and countries.