Brazil's President says G-8 no longer relevant

WASHINGTON: Brazilian President Luiz Inacio Lula da Silva said today the G-8 is no longer relevant in today's globalised world and that the role of developing international financial regulations must fall to the so-called Group of 20.

"We are talking about the G-20 because the G-8 doesn't have any more reason to exist, in other words, the emerging economies have to be taken into consideration in today's globalised world," Silva said as he left to meet with US President US President George W Bush and other world leaders united here to discuss the global financial meltdown.

"If all the presidents are in agreement with this, I think we show humanity that this crisis will be resolved with faster than expected, he added.

The G-8 comprises the United States, Japan, Germany, France, Britain, Italy, Canada and Russia, while the G-20 is comprised of industrialised and developing countries. Together the G-20 countries account for roughly 90 per cent of the global gross domestic product.

Silva, a former metalworker who rose to become Brazil's first working class president.

Since taking office in 2003, he has presided over a period of tremendous growth and economic prosperity in Latin America's largest country.

He has also fought to get Brazil a greater role in the international stage, trying to gain the country a permanent seat on the UN Security Council and taking the lead in organising developing nations at talks under the World Trade Organisation.