In this edition of the CGTN series, Leaders Talk, conducted in May but only recently screened, essentially coinciding with the BRICS summit in South Africa, Zou Yun interviews Dilma Rousseff, former President of Brazil and now President of the BRICS-initiated New Development Bank (NDB). The interview was recorded at the bank’s Shanghai headquarters. As President of Brazil in 2014, Dilma was one of the signatories to the founding document of the bank.
Dilma explains how developing countries and emerging markets of the Global South need investment, for example in physical and digital infrastructure so as to improve their people’s lives. But they suffer from problems such as a lack of access to credit and the non-convertibility of their currencies. The latter, in particular, contributes to reinforcing dollar hegemony, which adversely affects them, whether in terms of susceptibility to changes in US interest rates or the US propensity to arbitrarily impose sanctions and exercise ‘long-arm jurisdiction’, seeking to impose US domestic legislation on others. Therefore, conducting at least a portion of external trade in local currencies is vital. It is related to the development of a multipolar world.
According to Dilma, the US’ imposition of punitive tariffs on China is a grave mistake. Not only does it cause economic problems for China – it fragments global supply chains and impacts economic growth in a way unfavourable to all countries. She notes that 40 years ago, China was an impoverished country, but today it is the world’s second greatest economy. US tactics such as ‘friend shoring’, she notes, can be no substitute for China’s huge market.
Regarding US sanctions policy, Dilma insists that they are effectively just another form of war. Their aim is to prevent development and negatively impact the lives of the people, with the aim of triggering a change of system.
In contrast, she expresses her strong support for the series of international initiatives put forward by President Xi Jinping, which she considers have peace and development at their core. She further describes Xi as a great leader, who has appeared at the right time and place. During her term of office, and under President Lula, Brazil succeeded in lifting 36 million people out of absolute poverty. She knows the challenges that had to be met to achieve that, so lifting 800 million people out of poverty, as China has done, is a historic event in the story of human development.
The full interview with Dilma Rousseff is embedded below.
I am from Vancouver,Canada and i wanted to say that the NDB will help all Developing Countries and get rid of the Loan Sharks like the IMF and the World Bank who have been hindering the Developing Countries for decades.The BRICS Countries got what it takes to make the world more progressive and get rid of Yankee Hegemony.