Interview: BRICS expansion pushes for fairer global system, says Sri Lankan expert

COLOMBO, Oct. 25 (Xinhua) -- Sri Lanka has formally initiated the application process to join the BRICS group, reflecting the country's desire to diversify its international partnerships and reduce reliance on traditional Western financial institutions, Yasiru Ranaraja, Sri Lankan international affairs expert and founding director of the Belt and Road Initiative Sri Lanka, told Xinhua recently.

In an exclusive interview with Xinhua, which coincided with the three-day 16th BRICS Summit that was concluded on Thursday in the Russian city of Kazan, Ranaraja said Sri Lanka also applies to join the New Development Bank, established in 2015 by BRICS countries.

"Unlike the World Bank or the International Monetary Fund, the NDB operates on a 'one member, one vote' system, such kind of equal representation reduces the influence of any single country and aligns well with our policy of neutrality and multilateral approach to global finance," he said.

Sri Lanka's Foreign Secretary Aruni Wijewardane, on behalf of President Anura Kumara Dissanayake, has met senior representatives from BRICS member countries to discuss Sri Lanka's application to join BRICS in Kazan.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa, five major emerging markets with considerable economic potential that founded the BRICS group. It has now evolved into an influential international cooperation mechanism with an expanded membership.

Ranaraja said that if Sri Lanka's application is successful, the country's BRICS membership could significantly benefit Sri Lanka by allowing it to access supportive financial instruments that would improve the country's economic development and resilience in the face of global uncertainties.

"As BRICS seeks to reform global governance and increase the representation of emerging economies, Sri Lanka's inclusion would further amplify the voice of developing nations within the international system," said Ranaraja.

Speaking about this year's BRICS expansion with Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates accepted to the bloc, Ranaraja said BRICS is increasingly seen as a valuable platform for countries looking to enhance their influence in global governance and find alternatives to Western-led economic structures, reflecting a broader trend of emerging and developing nations seeking other alternatives to the current global order.

"By fostering cooperation and building consensus within BRICS, it could push for a fairer global system that represents more interests of the Global South," said Ranaraja.

He noted that China's proactive role in advocating for BRICS expansion has been central to this momentum, not only growing the bloc's economic and political weight but also demonstrating China's commitment to multilateralism and its willingness to work with a diverse range of countries.

"By supporting the inclusion of new members, China strengthens BRICS' position as a key player in global affairs, capable of shaping a more balanced and equitable world order," he said.