Lula advocates for BRICS currency in foreign trade.

Former Brazilian President Lula da Silva has called on BRICS nations to create an alternative currency to replace the dollar in foreign trade, supporting China's efforts to challenge US global dominance. Lula made the remarks during a visit to the New Development Bank, an institution created by BRICS countries, which include Brazil, Russia, India, China and South Africa. Brazil's Finance Minister Fernando Haddad said local currencies are already used in bilateral trade, but the goal is to expand mechanisms that allow trade operations to be settled without the intermediation of a third currency.