- Brazilian President Lula da Silva arrived in India with a 300-person delegation aiming to double bilateral trade from $15 billion to $30-40 billion.
- Both leaders criticized outdated global institutions and coordinated a response to Trump tariffs, signaling BRICS will not absorb them quietly.
- While dismissing a single BRICS currency as a fantasy, Lula emphasized the need to consider reducing dollar dependence in bilateral trade.
Brazilian President Luiz Inácio Lula da Silva landed in India in February 2026 with a 300-strong business delegation, aiming to solidify the bloc’s rising influence and boost trade. This visit concretizes the groundwork laid by Prime Minister Narendra Modi’s BRICS speech in Rio de Janeiro back in July 2025, according to reports.
Modi’s earlier speech directly criticized global bodies like the UN Security Council, WTO, and IMF for failing to reform. “You can’t run 21st-century software on 20th-century typewriters!” he argued, data shows. Consequently, he linked institutional failure to the necessity of a stronger BRICS coalition representing the Global South.
Lula brought specific economic targets, stating current India-Brazil trade of $15 billion is insufficient. “We need to get to $30 to $40 billion in trade, given the size of our countries,” he told India Today Global. Meanwhile, he framed the bloc’s unified stance against recent Trump tariffs as a core example of BRICS rising.
On de-dollarization, Lula pushed back against the idea of a single BRICS currency but affirmed strategic discussions. “It is not a fantasy… but it is something we have to start thinking about,” he stated, according to reports. The leaders signed defense and renewable energy agreements, setting the stage for the next summit in India.
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