Brazil, Indonesia Call for Fairer Global Trade and Local Currency Settlement
Jakarta, The Gulf Observer: Brazilian President Luiz Inácio Lula da Silva has called for a more balanced and independent global trade system through the use of local currencies, including in bilateral exchanges with Indonesia.
Speaking alongside Indonesian President Prabowo Subianto at the Merdeka Palace during his state visit to Jakarta, President Lula underscored the shared commitment of both nations to prevent the emergence of a new Cold War and to promote free and fair trade beyond reliance on the U.S. dollar.
The Brazilian leader urged developing nations, including Brazil and Indonesia, to unite in advancing a fairer and more inclusive global trade architecture, asserting that the 21st century demands bold reforms that were absent in previous eras.
President Lula reaffirmed his support for multilateralism over unilateralism and emphasized the importance of economic democracy as opposed to protectionism. Both leaders expressed a mutual determination to deepen cooperation across key sectors such as the economy, science and technology, culture, and politics—based on principles of sovereignty and independence from major global powers.
Highlighting the shared responsibility of both countries to foster inclusive growth, job creation, and improved living standards, President Lula stated, “We aim to grow, create new jobs, and ensure a decent life for our people. This is the mandate entrusted to us as leaders.”
The state visit also witnessed the signing of eight Memoranda of Understanding (MoUs) valued at over US$5 billion, covering areas of trade, investment, technology, and sustainable development.
President Lula’s visit to Jakarta follows President Prabowo’s reciprocal trip to Brasília on July 9, 2025, and forms part of Lula’s broader tour of Southeast Asia aimed at strengthening South-South cooperation and economic resilience among emerging economies.
