Lula says G7 format outdated, should have disappeared long ago
4 Min Read
The G20 format was created in 1999 upon the initiative of the G7 foreign ministers as a means of discussing wider economic and financial policy.
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Brazil’s President Luiz Inacio Lula da Silva speaks during his visit to the Brazilian Navy Command in Brasilia on March 15. (AP)
Brazilian President Luiz Inacio Lula da Silva on Wednesday called the G7 "outdated" and said it should have disappeared after the creation of the G20.
He further said it is unclear why the format continues to operate to this day.
"I hope that one day people will realize that the G7's way of discussing politics is outdated. It is necessary to open up. In fact, the G7 was not supposed to continue working after the creation of the G20," Lula da Silva told Brazilian news portal G1.
As the G7 includes seven of the world's largest economies, namely Canada, France, Germany, Japan, the US, and the UK, officials from the EU also often take part in the meetings.
The G20 format was created in 1999 upon the initiative of the G7 foreign ministers as a means of discussing wider economic and financial policy.
Lula pointed out that the same people who attend the meetings of the G7 are attended by the G20.
Therefore, there are no valid reasons as to why the G7 continues to exist, Lula noted.
The Brazilian head of state further expressed his support for the expansion of BRICS, which he says may "play an exceptional role globally" -- especially in light of the upcoming accession of Argentina, Saudia Arabia, and the UAE.
"I believe that the BRICS [New Development] Bank must be more effective and generous than the International Monetary Fund. That is, this bank exists to help save a country and not sink it as the IMF often does," Lula said.
Read more: Macron's invitation to attend South Africa's BRICS Summit not granted
Anil Sooklal, BRICS' ambassador from South Africa, said on July 20 that twenty-two nations have formally applied to join the BRICS organization, and another twenty-two have informally expressed interest in joining the bloc.
Countries such as Saudi Arabia and Iran have formally asked to become BRICS members, Sooklal further said, noting that others have also expressed an interest in joining BRICS, including Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, and Indonesia.
BRICS countries are de-dollarizing trade, as China and Brazil struck a deal to ditch the US dollar in their bilateral transactions, which is expected to reduce investment costs and develop economic ties between the two countries.
Put forward by Brazil, the proposal is due to be discussed at the upcoming meeting of the board of directors set to take place at the beginning of August in South Africa.
It was reported earlier that South Africa would provide foreign officials attending the BRICS summit hosted by the country in August with diplomatic immunity.
Moreover, in the last meeting of the Foreign Ministers, members said the bloc was open to new countries in light of their aspirations for a greater say in international affairs.
Read more: Bolivia announces plan to join BRICS and attend summit this month
On June 22, Russian Deputy Foreign Minister Sergey Ryabkov said the leaders of states that adopt a hostile stance toward Russia should not be included at the BRICS summit this August.
"It is up to the host party to determine the circle of invitees, this is an established practice. But it is no less important that this should be preceded by consultations of all BRICS participants. It is clear that the leaders of a state, who are pursuing such a hostile and unacceptable for us policy ... such a leader is inappropriate as a guest to BRICS," Ryabkov told reporters.
