Sri Lanka’s Cabinet of Ministers has approved the proposal of the country applying for membership of the BRICS organization and for a new development bank to be established under it.
An officer’s committee, appointed when the proposal was first made by the Minister of Foreign Affairs, had submitted a report after investigating the advantages and disadvantages, and had responded positively, Cabinet spokesman Minister Bandula Gunawardana said.
“By becoming a member of an organisation with economic giants such as China, India, and Brazil, and establishing a development bank, Sri Lanka’s businesses will have access to more seed capital.”
BRICS, originally comprising Brazil, Russia, India, China and South Africa, is an intergovernmental organization of emerging market countries seeking to strengthen economic ties.
This year, it gained four new members: Iran, Egypt, Ethiopia, and the UAE.
Sri Lanka has increasingly been trying to join international trade agreements including the Regional Comprehensive Economic Partnership.