By collaborating in areas such as trade, infrastructure development, and sustainable growth, BRICS nations seek to amplify their collective influence on global decision-making processes. They emphasise the need for a world order that reflects the evolving realities of the global economy, wherein emerging markets play a more significant role
BRICS is an acronym representing a bloc of leading emerging-market economies: Brazil, Russia, India, China, and South Africa.
The group was originally formed in 2006 by Brazil, Russia, India, and China under the name “BRIC.” South Africa joined in 2010, completing the transition to BRICS. The first official summit of the bloc took place on June 16, 2009, in Yekaterinburg, Russia. This gathering, with the expanded membership, marked a renewed dedication to the principles of collaboration and mutual benefit that have defined the partnership since its inception. The inclusion of South Africa bolstered the group’s collective influence, enhancing its advocacy for reforms in global economic governance and a fairer international order. The Yekaterinburg summit holds particular importance as the moment when BRICS formally came into being.
BRICS was established on the belief that international institutions were disproportionately controlled by Western powers and no longer effectively served the interests of developing nations. The bloc has aimed to align the economic and diplomatic strategies of its members, establish new financial institutions, and reduce reliance on the U.S. dollar. As BRICS evolved and expanded, its impact on global economic and political dynamics became increasingly prominent. By deepening collaboration and solidarity among its members, the bloc has articulated a vision for a more multipolar global order, emphasising mutual respect, equality, and collective prosperity.
Collective influence
By collaborating in areas such as trade, infrastructure development, and sustainable growth, BRICS nations seek to amplify their collective influence on global decision-making processes. They emphasise the need for a world order that reflects the evolving realities of the global economy, wherein emerging markets play a more significant role. This coalition underscores issues such as reforming international financial institutions, advocating for equitable development, and promoting South-South cooperation, thereby presenting themselves as a counterbalance to the traditionally Western-dominated global framework.
On 21 May 2024, former Foreign Minister, Ali Sabry, announced the country’s aspiration to join BRICS. In an interview with the news agency, Sabry emphasised Sri Lanka’s keen interest in becoming a member of this influential coalition within the year. Acknowledging the strategic importance of BRICS, the Foreign Minister revealed plans to seek India’s support for Sri Lanka’s membership bid, given India’s pivotal role in the bloc. The Minister highlighted that the Sri Lankan cabinet had established a sub-committee to explore the prospects of BRICS membership and provide recommendations. He expressed the government’s openness to diversifying its global alliances, remarking, “We would like to see that because we would like to have multiple options. Who doesn’t want to?” This statement underscores Sri Lanka’s pragmatic approach to navigating its geopolitical and economic challenges, seeking to leverage opportunities for cooperation and development through alliances like BRICS.
By joining BRICS, Sri Lanka aims to enhance its global standing, gain access to alternative development financing, and align itself with a bloc advocating for a multipolar world order. Membership could provide the country with additional avenues to address its economic recovery efforts and geopolitical ambitions amidst a rapidly evolving international landscape.
Analysts predict significant advantages for Sri Lanka should it succeed in joining BRICS, with potential benefits spanning its economy, infrastructure, and geopolitical influence. Membership could open doors to duty-free trade agreements and access to financial resources from BRICS development funds, offering critical support for addressing the nation’s pressing economic challenges. These measures hold the promise of boosting economic growth, improving living standards, and accelerating recovery from Sri Lanka’s recent financial crisis.
Strategic location
Sri Lanka’s strategic location at the crossroads of key maritime trade routes in the Indian Ocean further amplifies its appeal as a member of BRICS. This geographical advantage positions the country as a prime candidate for investment in infrastructure projects, including ports, logistics, and transport networks, which could transform it into a regional hub for trade and technology. Enhanced connectivity and infrastructure could not only attract foreign investment but also strengthen Sri Lanka’s integration into global supply chains. Geopolitically, joining BRICS could bolster Sri Lanka’s standing on the international stage, diversifying its alliances beyond traditional partners and reducing dependency on Western-led financial institutions. The multipolar approach advocated by BRICS aligns with Sri Lanka’s interest in fostering balanced and equitable global relations, potentially increasing its leverage in negotiating economic and trade deals. With these anticipated benefits, Sri Lanka’s pursuit of BRICS membership could mark a pivotal step in redefining its economic and strategic trajectory.
Sri Lanka’s post-independence foreign policy has consistently envisioned a global order marked by greater parity among states, emphasising balanced relations between the Global North and South, as well as East and West. This vision is deeply rooted in Sri Lanka’s historical challenges, particularly the separatist insurgency that posed the gravest threat to its security. The insurgency was sustained, to a significant extent, by its ability to secure funding and support from wealthier and more powerful nations. This experience underscored the importance of greater international equality to Colombo’s long-term security and stability.
BRICS, with its goal of fostering a multipolar world order, aligns closely with Sri Lanka’s foreign policy aspirations. The bloc’s primary objective of rebalancing global power dynamics to reduce the dominance of traditional Great Powers provides smaller states like Sri Lanka an opportunity to contribute to and benefit from a more equitable international system. By joining BRICS, Sri Lanka could advocate for a flatter global power structure that prioritises not only the interests of major economies but also the concerns and aspirations of smaller and less influential nations. Membership would allow Colombo to actively shape this evolving power plurality ensuring that the benefits of a more balanced international system extend beyond Great Powers to include developing countries. In doing so, Sri Lanka could strengthen its strategic position, secure its long-term security interests, and foster partnerships that contribute to a more just and equitable global order.
In conclusion, BRICS offers a spectrum of promising opportunities for Sri Lanka and other member states. However, the bloc’s ability to sustain its principles, address internal challenges, and navigate the complexities of diverse member interests will ultimately determine its long-term global impact. By effectively tackling these challenges, BRICS can solidify its role as a key player in shaping the future of global economic governance and fostering international cooperation.
In today’s intricate and rapidly shifting global and regional environment, understanding the evolving dynamics is not just important but essential. Such comprehension serves as the foundation upon which effective strategies can be devised and implemented to navigate the complexities of an interconnected world. With this nuanced approach, stakeholders can better leverage opportunities and address challenges, ensuring a balanced and equitable path forward.
It is a commendable initiative by the new government to pursue and strengthen ties with this emerging global institution, reflecting foresight and a strategic approach to global engagement.
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