In Brics, Lula says countries are ‘victims’ of illegal trade practices

During a virtual Brics meeting, Lula stated that countries belonging to the group are ‘victims’ of illegal trade practices and ‘tariff extortion’. He made these remarks during a virtual meeting with leaders of the bloc. The President’s speech was not broadcast, but the press gained access to the transcribed text. Lula led the meeting due to his rotating leadership position within the group. According to the Brazilian government, leaders from China, Egypt, Indonesia, Iran, Russia, and South Africa participated. The Brazilian President emphasized that trade and financial integration among Brics countries provide a secure option to mitigate the effects of protectionism. The global scenario is noted to be increasingly unstable according to the President.