Brazilian President Luiz Inácio Lula da Silva says he believes the G20 summit in Seoul contributed toward balancing the world economy.

Lula said during a national radio address on Tuesday that last week’s G20 gathering was crucial and marked a leap forward in efforts to balance the economies of the world.

He added that nations are becoming more and more mutually dependent and mature and that he expects the G20 will, at some point, replace the Group of Eight countries.