Brazilian President Luiz Inacio Lula da Silva said on Monday that the G20, which gathers the world's largest developed and emerging economies, provides a good forum for discussing new regulations on the world economy.

According to the Brazilian president, the G20, which represents around 80 percent of the world's wealth, is in a good place to discuss such matters.

"We need to establish the G20 as the group to decide the rules which will control the international financial system from now on," Lula said in his weekly radio show "Breakfast with the President."

However, he said that nations other than the G20 members should also be allowed to participate in such discussions.

Lula's remarks have been echoed by the leaders of the industrialized economies when they met for the G8 summit in Italy last week. They had said the largest emerging countries shouldn't be excluded from the most important economic decisions.

(Xinhua News Agency July 14, 2009)