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Tehran, April 18, 2010 (Hamsayeh.Net) – Brazil’s President Lula Inacio da Silva, attending a meeting on the sideline of a summit of four countries known as BRIC that include Brazil, Russia, India and China, said the world is in need of a new, more progressive system in which Western powers begin to realize that the world has changed and therefore make necessary adjustments.

Lula said Western powers imposed the Iraqi crisis on the global community and now is the time to listen and respect others’ views thus paving the way for a better world. Lula said Western industrial nations faired badly at the Environmental Summit in Copenhagen last year and it shows that they do not pay enough attention to important global issues.

Brazilian President also talked about Western financial institutions and market deregulations scheme in recent years that led to a collapse of the global financial system in 2007. He said the neo-liberal economic model is an unreliable one and it should stop thinking of itself as the prime model for the whole world.

BRIC countries together make up a quarter of the world land area and %40 of the global population easily dwarfing all other blocks by a wide margin. BRIC countries seek a greater voice for emerging economies and look forward to lessen global trades on the US dollar by promoting regional currencies.

Hamsayeh.Net