The G7 format is outdated and should have disappeared after the creation of the G20, therefore it is unclear why it continues to operate, Brazilian President Luiz Inacio Lula da Silva said on Wednesday
MEXICO CITY (Pakistan Point News / Sputnik - 02nd August, 2023) The G7 format is outdated and should have disappeared after the creation of the G20, therefore it is unclear why it continues to operate, Brazilian President Luiz Inacio Lula da Silva said on Wednesday.
"I hope that one day people will realize that the G7's way of discussing politics is outdated.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.
The G7 group of seven largest economies includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Officials from the European Union also take part at its meetings. In 1999, the founding conference of the G20 group was held on the initiative of the G7 foreign ministers who invited the leading developing countries to discuss economic and financial policy.
The Brazilian president noted that the G7 sends the same people to the meetings of both the G7 and the G20, therefore, he sees no reason why a separate G7 group exists.
Lula da Silva also expressed his support for the expansion of BRICS, which may "play an exceptional role globally," and for the accession of Argentina, Saudi Arabia and the United Arab Emirates to the bloc.
"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," the Brazilian president said.
BRICS unites the world's largest developing economies � Brazil, Russia, India, China, and South Africa. A number of other countries intend to join the economic bloc, including Algeria, Argentina, Egypt, Iran, Indonesia, Saudi Arabia, Turkey, the United Arab Emirates and others. South Africa, which assumed the rotating BRICS presidency in January, will host the 15th BRICS summit from August 22-24.
