Despite his efforts to enter the BRICSSri Lanka will not be able to join the organization for the time being due to the decision of its members at their just concluded summit in Russia not to expand its membership at this time. However, Sri Lanka’s application to join the New Development Bank (NDB) promoted by the BRCS has been accepted.
Created in 2015 by the BRICS (Brazil, Russia, India, China and South Africa), the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in the BRICS and other emerging markets and developing countries (EMDC ).
Sri Lanka applied for membership in the BRICS when its delegation, led by Foreign Minister Aruni Wijewardena, participated in the BRICS summit held in Russia.
The economic and political group BRICS has been acquiring more and more relevance in recent years.
It raises several potential challenges to US global dominance and the central role of the US dollar in international trade and finance.
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«There are nine countries that are members of BRICS. Sri Lanka applied for membership at the BRICS summit. But the nine member countries have decided not to accept new members this time,” Herath told journalists at the weekly press conference after the Council of Ministers held on Wednesday the 6th in Colombo.
«We requested accession on the eve of the October summit. We also talked to the foreign ministers of many countries to get their support. Those countries also supported us. But when the summit decided not to expand the number of members, we did not have that opportunity,” he explained.
Sri Lanka applied for membership at the BRICS summit. But the nine member countries have decided not to accept new members this time
«But we apply to be members of the NDB Bank, which depends on the BRICS. We have the opportunity to do it. It is up to the Sri Lankan government to decide. We will decide this in the Council of Ministers in the future,” Herath declared.
«We have sent it (the approval) to the Ministry of Finance. We will decide based on the evaluation of the Ministry of Finance.
«There are countries like that. For example, Bangladesh is not a member of BRICS. But he is a member of NDB Bank. Likewise, we as a country are trying to become members. “We will discuss it to obtain approval through the Ministry of Finance.”
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