Lula Proposes BRICS Currency, But Makes Unfriendly Comments Towards Russia and China - Global Research
Global ResearchDec 24, 2022
Brazil’s Lula Meets Xi in Beijing, Calls for End to Dollar Dominance
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Image copyright: Reuters [via Al Jazeera]
The Facts
On Friday, Brazilian Pres. Luiz Inácio Lula da Silva met with his counterpart, Xi Jinping, on the second day of his state visit to China — the South American country's largest trading partner. In Beijing, both attended the signing of bilateral agreements ranging from agriculture to aerospace.
As reported by Chinese state media, the two leaders mainly discussed expanding trade ties and other steps to promote Sino-Brazilian cooperation, but also addressed the Ukraine war and agreed on a negotiated settlement as the only viable way to end the conflict.
The Spin
Pro-China narrative
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.
Anti-China narrative
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.
