During an interview with an Indian broadcaster, Brazilian President Luiz Inácio Lula da Silva discussed the potential for BRICS countries to conduct trade using their local currencies instead of the US dollar. He emphasized that while he respects the reasons behind the preference for the dollar in international trade, he believes that there should be a reconsideration of this necessity amongst the countries involved. Lula specifically pointed out that trades between Brazil and India could be conducted in their respective currencies, promoting greater autonomy in economic transactions.

Lula's remarks come in the context of the BRICS coalition, which includes Brazil, Russia, India, China, and several other nations aimed at fostering economic cooperation. He acknowledged that transitioning away from the dollar is not an immediate process, but suggested that it is a vital topic for future discussions. His comments reflect a broader movement within some emerging economies to reduce dependency on the dollar and strengthen their own currencies.

The implications of such moves could be significant, potentially altering longstanding financial systems and trade relationships on a global scale. As BRICS countries continue to collaborate more closely, the push for local currencies might reshape how international trade is conducted, challenging the dominance of the dollar and increasing the economic sovereignty of participating nations.