Sri Lanka is preparing to apply for membership in the BRICS economic bloc at the upcoming summit in Kazan, Russia, scheduled from October 22 to 24, 2024, according to Cabinet Spokesman Vijitha Herath.
Herath highlighted that Sri Lanka intends to seek support from the foreign ministers of all BRICS member nations to back its membership bid.
BRICS, an intergovernmental organization, includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Together, these countries cover approximately 30% of the world’s landmass and represent 45% of the global population.
The BRICS group is viewed as a key geopolitical counterbalance to the G7, an alliance of leading advanced economies. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union as an informal participant.
In a related move, the Sri Lankan cabinet has approved an agreement to streamline legally compliant trade with Russia through transparent and predictable customs procedures.
This agreement, initially approved on November 15, 2021, had been delayed despite lengthy bilateral negotiations. The cabinet has now endorsed the proposal put forward by President Dissanayake, who also serves as Minister of Finance, Economic Development, Policy Formulation, Planning, and Tourism, to finalize the agreement.
