Sri Lanka is expected to apply for membership of BRICS, an intergovernmental organisation for emerging economies, at their next summit in Russia next week.
Among the reasons given by Sri Lanka's Minister of Foreign Affairs for aspiring to join BRICS - which includes Russia, China and Iran - at the behest of the new Sri Lankan President Anura Kumara Dissanayake were "peace & development, and reducing reliance on western financial institutions". While speaking to diplomats in Colombo this week Vijitha Herath said that the country will also apply to join the New Development Bank, which was established in 2015 by BRICS countries.
BRICS is a group of 10 countries with emerging economies that hold a major share of the global market, focused on economic growth and development. Member states include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
"The President and myself - we are unable to attend the Outreach BRICS Summit to be held in Kazan, Russian Federation from 23-24 October 2024, due to the upcoming elections. Secretary/Foreign Affairs will represent Sri Lanka and place on record our request for membership. I have already addressed letters to my counterparts in the BRICS member states seeking support", stated Herath.
Outlining benefits of joining BRICS, Herath added, "we consider BRICS to be an effective partnership to realise aspirations for mutually beneficial cooperation, peace and development, through strengthened and inclusive multilateralism within the framework of the UN Charter".
Joining BRICS could result in increased trade opportunities, investment inflows and access to alternative funding sources like the BRICS New Development Bank for Sri Lanka. This could also lead to stronger diplomatic ties with powerful global players, and reduce reliance on Western financial institutions, according to the minister.
BRICS members including China, India, Iran, Saudi Arabia and Russia have consistently supported Sri Lanka in the United Nations Human Rights Council (UNHRC), repeatedly voting or abstaining from resolutions calling for independent investigations into war crimes committed against Tamils.
