Brazil looks to 'new stage' of BRIC interaction
Date added: 15th June, 2009 at 16:52
(view all articles from June, 2009)
Categories: Economy
Brazil is examining new ways of working alongside an alliance with Russia, India and China, its president has revealed, as part of the four countries' membership of the BRIC group.
Luiz Inacio Lula da Silva told RIA Novosti that a meeting of BRIC leaders taking place this week in Yekaterinburg should lead to greater levels of cooperation between the four nations.
He claimed that Brazil was increasingly working alongside the other BRIC countries and has taken steps to demonstrate its preparedness for an increasingly strong role in international affairs by granting the International Monetary Fund a $10 billion (£6 billion) loan.
According to Mr da Silva, the current summit "opens a new stage in political dialogue and diplomatic interaction" for the BRIC members.
He noted that the amount that Brazil traded with Russia, India and China rose by nearly 500 per cent between 2003 and 2008 to $49 billion.
Meanwhile, Brazil's finance minister Guido Mantega predicted recently that the country's economy would start to recover in the second half of this year.
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