The Ceylon Chamber of Commerce (CCC) has entered into a deal with an organization representing Brazil, Russia, India, China and South Africa (BRICS) to increase trade ties.
The CCC has signed a co-operation agreement with the Chamber for Promotion and Economic Development of the BRICS Countries called "BRICS-PED" recently and the initiative "CCC - BRICS-PED Business Co-operation Project" was implemented on May 1st.
The special agreement will initially promote an identified range of products and services between Sri Lanka and BRICS Countries and facilitate alliances on reciprocal basis.
According to the CCC, Sri Lanka will promote Apparel, Gems & Jewellery, Rubber, Rubber Products, Spices, Tea and Tourism whilst Brazil will focus on promoting Cosmetics, Diamonds, Emeralds, Food & Beverages, Fresh Oranges, Medical Equipment, Pharmaceuticals and Tourism through the project.
"Both institutions will call applications using a prescribed format from potential companies, which would be interested in entering into partnerships for possible trade tie ups between Sri Lanka and BRICS countries," the statement said.
As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion, and an estimated US$4 trillion in combined foreign reserves.