BRICS | Its Importance To Sri Lanka’s Future

In an increasingly multipolar world, the global order is shifting and BRICS is at the heart of that change. The BRICS, originally made up of Brazil, Russia, India, China and South Africa has grown in influence since its formation. With new countries joining the group and its scope expanding beyond mere economics, BRICS now stands as a serious counterbalance to Western-led institutions like the G7 and IMF.

But what does this mean for a small but strategically located country like Sri Lanka?

What is BRICS?

BRICS began as a grouping of emerging economies seeking greater representation in global economic governance. Together, these countries represent,

  • Over 40% of the world population
  • Around 30% of global GDP
  • A growing share of world trade and investment

Recent BRICS summits have focused not just on economic cooperation but also on de-dollarization, digital currency, climate change and reforming global institutions.

In 2024, BRICS announced a major expansion by welcoming countries like Saudi Arabia, Egypt, Iran and the UAE. This further solidified BRICS as a diverse, energy-rich and strategically important bloc.

Why Should Sri Lanka Pay Attention?

Sri Lanka is not a BRICS member, but its future economic and geopolitical strategy could benefit from deeper engagement with the group. Here is why,

1. Alternative Development Finance

BRICS operates the New Development Bank (NDB) which offers loans without the often stringent conditions seen in IMF or World Bank packages. Sri Lanka, facing debt restructuring challenges, might view this as a potential lifeline or supplementary funding source for infrastructure and energy projects.

2. Stronger Ties with India and China

Two BRICS giants, India and China, are Sri Lanka’s top trade partners and infrastructure investors. Deeper regional coordination via BRICS frameworks may offer more balanced engagement between these two powers and Sri Lanka.

3. Multipolar Diplomacy

Sri Lanka’s foreign policy has historically leaned toward non-alignment. As BRICS pushes for a more balanced global order, Sri Lanka can align with the bloc’s vision without compromising ties with Western powers. This helps Sri Lanka maintain strategic autonomy while pursuing diversified partnerships.

4. Trade and Technology Opportunities

BRICS nations are pushing for trade in local currencies, shared digital platforms and cooperation in science and education. If Sri Lanka taps into these emerging networks, it could find new markets for exports and new partners for skills development and digital innovation.

5. Geostrategic Location = Gateway Potential

Sri Lanka’s location in the Indian Ocean makes it a vital logistics and maritime hub. BRICS’ ambitions for better connectivity could place Sri Lanka in a pivotal position along new trade corridors linking Asia, Africa and South America.

Challenges and Considerations

Of course, engagement with BRICS must be approached with caution and clarity,

  • Balancing relations with the West and India/China is delicate
  • BRICS is not yet a fully cohesive political bloc and internal divisions exist
  • Sri Lanka must ensure that any alignment supports national development goals rather than deepening dependency

Final Thoughts

BRICS represents a new kind of global influence, one that increasingly resonates with countries like Sri Lanka seeking voice, choice and space in global affairs. While membership may not be on the cards in the short term, strategic cooperation with BRICS countries and institutions could open new pathways for economic resilience, diplomatic visibility and regional leadership.

For Sri Lanka, watching BRICS is not just about global power play, it’s about positioning itself wisely in a rapidly changing world.

By Chandima Wanniarachchi | Global Dispatch


Comments

  1. maryam jameelaJuly 12, 2025 at 5:54 PM

    Interesting 👍🏻

    ReplyDelete
  2. KumariJuly 16, 2025 at 3:48 AM

    This post provides a clear and insightful overview of BRICS' growing global influence. Good luck - Kumari

    ReplyDelete
  3. NirmalaJuly 19, 2025 at 2:07 AM

    Very interesting. Learnt something which I wasn't aware of.

    ReplyDelete
  4. ANAJuly 22, 2025 at 12:42 AM

    While accepting that a global power balancing mechanism requires, countries like Sri Lanka has to analyse the pros and cons of getting memberships in various blocs, in current vibrant global behavior. As in the past non alignment is very much strategic given the importance of location of this tiny island in the global map!

    ReplyDelete
  5. ShandhiyakumaryJuly 27, 2025 at 1:30 AM

    A powerful analysis urging Sri Lanka to rethink its global strategy smartly.

    ReplyDelete
  6. Poornima AmarasingheAugust 17, 2025 at 1:38 AM

    Very interesting topic

    ReplyDelete

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