Brazil Proposes a G11. And Wants to Be Part of It

Talking to journalists in London just before meeting the members of the G7, the world’s seven richest countries, Brazil’s Finance Minister, Antônio Palocci expressed the desire that the G7 group become a G10 or G11 in a way that Brazil be part of it as a right and not by invitation.

“One of the messages we want to give in this meeting is that we greatly appreciate the invitation from rich countries, but our expectation for the years ahead is that we will have a G10 or G11 no longer by invitation, but by right,” Palocci told reporters. “This is what we’re trying to achieve with changes in the Brazilian economy.”


Thanks to a considerable growth of its industry and agriculture in recent years, Brazil gained some respectability and is considered today part of the emerging block known as BRIC, which includes Brazil, Russia, China and India.


Brazil was also helped by a sharp decline in debt load to reach in 2004 a decade-high economic growth. Brazilian President Luiz Inácio Lula da Silva has recently said that he expects his country to soon have the world’s sixth-largest economy.


Palocci also asked the rich nations to continue growing for the benefit of the whole world. The London G7 meeting reunited the economy ministers of the United States, Japan, Germany, France, Italy, United Kingdom and Canada. Brazil was invited together with China, India and South Africa, all considered important emerging nations.


“Last year, Brazil benefited a lot from the positive growth in all the continents,” said the Minister. “2005 has already started with positive indicators and a trend for strong growth. For Brazil it is important to grow with similar rates we had last year.”


The Brazilian Minister stressed that the rich nations should make an extra effort to guarantee that the world economy is balanced and to stimulate a growth that may bring “big social repercussions” to the poorest people.


Palocci had a busy time in London meeting, for bilateral talks, among other officials, Zhou Xiaochuan, governor of the People’s Bank of China and Gordon Brown, British Finance Minister, who this year chaired the Group of Seven.


BrM

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