Sri Lanka’s Foreign Minister, Ali Sabry has confirmed that the country has set its sights on a strategic move to join BRICS+ this year. This potential shift in Sri Lanka’s foreign policy signals the country’s aspiration to strengthen its economic and political alliances amid a rapidly evolving global landscape.
Sri Lanka, known for its strategic maritime location, rich cultural heritage, and diverse economy, has been navigating economic challenges, including debt burdens and the need for sustainable growth. The country’s economy heavily relies on tourism, agriculture, and exports of textiles and tea. However, recent economic strains, exacerbated by the COVID-19 pandemic, have underscored the need for Sri Lanka to seek new avenues for economic revitalisation and stability.
In an interview with news agency ANI, the Sri Lankan minister expressed the country’s strong interest in joining the global bloc and mentioned plans to seek India’s support for its membership. “We are eager to pursue BRICS membership. The cabinet has even appointed a sub-committee to explore this further and provide recommendations. We are looking at multiple options, and BRICS is an attractive group, especially with India being a member,” Sabry stated to ANI.
The BRICS bloc’s significance has grown over the years, with its members accounting for a substantial share of global GDP, trade, and population. BRICS has become a crucial platform for dialogue and cooperation on various issues, including economic development, trade, infrastructure, and sustainable development.
The alliance aims to foster mutual development, enhance global economic governance, and advocate for a multipolar world order. By joining BRICS, Sri Lanka hopes to attract increased Foreign Direct Investment (FDI) and financial support for infrastructure projects. The New Development Bank (NDB), established by BRICS, could provide Sri Lanka with access to much-needed funding for development initiatives, including renewable energy projects, transportation networks, and urban development.
BRICS membership could open new markets for Sri Lankan products, thereby diversifying its export destinations. Enhanced trade relations with BRICS countries, particularly China and India-both of which are major trading partners-could bolster Sri Lanka’s export sector and reduce its trade deficit. This move could provide Sri Lanka with a stronger voice in international forums and greater influence in shaping regional and global policies. Sri Lanka economic ties with Saudi Arabia which include investments and various development projects in the, including country.
While the country faces challenges related to economic stability, governance, and regional competition, there are significant opportunities for trade, investment, and tourism collaboration. By leveraging its strengths and addressing its challenges, Sri Lanka can enhance its role as a key player in regional economic integration and contribute to the collective growth and prosperity of South Asia.
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As the world gravitates towards a multipolar order, the appeal of BRICS continues to grow, highlighting the bloc’s potential to reshape global economic and political dynamics. By engaging with a diverse group of emerging economies, countries can build more resilient economic structures, less susceptible to global market volatility and external shocks.
BRICS is attractive to non-Western countries because it offers an alternative model of development, economic cooperation, and geopolitical alignment that challenges Western-centric structures. The bloc provides access to development financing, trade opportunities, and technological advancements, all while promoting a multipolar world order and inclusive global governance. For many non-Western nations, BRICS represents a pathway to achieving sustainable development, economic diversification, and enhanced geopolitical influence.
Meanwhile, Sri Lanka’s interest in BRICS membership continues to gather attention, despite not yet submitting a formal application. The island nation has expressed keen interest in joining the influential bloc, citing the potential benefits of membership in terms of economic cooperation, development financing, and geopolitical influence. As Sri Lanka explores its options and evaluates the strategic implications of BRICS membership, observers eagerly await further developments in the country’s engagement with the bloc.
As the BRICS summit approaches, the bloc’s appeal is clearly evidenced by the interest of 30 countries keen to join its ranks. Out of these, 15 countries have formally applied for membership, signalling a strong desire to align with the influential group. This interest underscores the growing recognition of BRICS as a powerful platform for economic cooperation, development financing, and geopolitical influence.
Russia has brought a unique perspective to the BRICS+ table, steering the group toward greater cooperation and collective action on global challenges. As the country is set to host this year’s BRICS summit many wait in anticipation to see how many more countries will join the Alliance.
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