Sri Lanka has officially applied to join BRICS, Foreign Minister Vijitha Herath announced on Monday.
Speaking to the diplomatic corps in the capital Colombo, Herath said the country will submit its membership request at the upcoming BRICS summit in Kazan, Russia, scheduled for October 23-24, according to Sputnik Africa.
Herath noted that the move reflects the country’s desire to deepen ties with emerging economies and broaden its multilateral partnerships.
BRICS, originally comprising Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
BRICS countries represent over 40% of the global population and about 25% of global GDP. In 2024, BRICS is not just a political grouping but also a significant economic bloc.
The group has increased its economic collaboration, focusing on trade in local currencies to reduce dependency on the US dollar. The creation of new financial mechanisms, like the New Development Bank (NDB), offers an alternative to Western-dominated institutions such as the IMF and World Bank.
The NDB is helping fund infrastructure projects and sustainable development in BRICS and other developing nations.
