Sri Lanka’s application for full membership in the BRICS group has not been approved, as the organization has decided to maintain its membership at nine countries, according to Foreign Affairs Minister Vijitha Herath. Despite this, Sri Lanka has been accepted as an associate member and has also gained entry to the BRICS New Development Bank, which offers financial support to member states.
Minister Herath noted that the Sri Lankan cabinet will soon approve a proposal to formalize the country’s involvement in the bank. This development marks a significant step for Sri Lanka in strengthening its economic partnerships and access to financial resources.
The BRICS coalition, comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, is a powerful bloc representing major emerging economies. With Brazil set to assume the BRICS presidency next year, Sri Lanka’s participation as an associate member and involvement in the New Development Bank could open new avenues for economic collaboration and development assistance.
