Sri Lanka’s largest business chamber, the Ceylon Chamber of Commerce, has entered into a deal with BRICS - an international organization named after its key members: Brazil, Russia, India, China and South Africa – to increase and strengthen trade ties.
Sri Lanka is currently looking to enhance trade on a more international level. According to the current agreement, Sri Lanka will trade in goods of a reciprocal nature with other members of BRICS. Sri Lanka will take the lead in promoting apparel, gems and jewelry, rubber, rubber products, spices, tea and tourism whilst Brazil will focus on promoting cosmetics, diamonds, emeralds, food and beverages, fresh oranges, medical equipment, pharmaceuticals and tourism, through the project. Potential companies interested in the promotion of such goods are to follow a prescribed format to enter into trading partnerships either with Sri Lanka or with any other member of BRICS.
Except for Russia, all BRICS members are developing or newly industrialized countries, distinguished by their large, fast-growing economies and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent a combined nominal GDP of US$13.7 trillion and an estimated US$4 trillion in combined foreign reserves. An alliance with such an influential group will heighten Sri Lanka’s trade ties and make its goods more prominent on the global trading market.