BRICS Common Currency Dismissed: Lula Clarifies No New Currency, Not Challenging Dollar

• Brazilian President Luiz Inácio Lula da Silva dismissed speculations about a BRICS common currency, stating no proposal or formal discussion is underway.
• Lula clarified that BRICS' objective is not to eliminate the US dollar but to increase trade options among member countries, advocating for trade in local currencies.
• He acknowledged the dollar's strength and the US's natural opposition to other currencies, stating the global financial system won't change overnight.
• Lula expressed hope for India-Brazil trade to reach 30-40 billion dollars, praising India's tech ecosystem and inviting Indian investment.
• He announced Embraer would open a manufacturing plant in India and emphasized BRICS' role in promoting a multilateral, balanced world order through cooperation, not confrontation.