Global Al­liances

Southasia - - Briefing -

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.

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