Sri Lanka is set to pursue 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 emphasized that Sri Lanka plans to engage with the foreign ministers of all BRICS nations to garner support for its membership bid.
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Combined, the BRICS members encompass about 30% of the world's land surface and 45% of the global population.
The BRICS countries are considered the foremost geopolitical rival to the G7 bloc comprising the leading advanced economies implementing competing initiatives. The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union as a "non-enumerated member".
In related developments, the Sri Lankan cabinet has approved an agreement to facilitate legally valid trade activities with Russia through transparent and predictable customs procedures.
This agreement, initially approved on November 15, 2021, had not been signed despite extensive bilateral discussions. The cabinet has now endorsed the proposal presented by President Dissanayake, who also serves as the Minister of Finance, Economic Development, Policy Formulation, Planning, and Tourism, to finalize the agreement.