Ceylon Chamber of Commerce reaches out to emerging markets

The Ceylon Chamber of Commerce (CCC) signed a co-operation agreement with the Chamber for Promotion and Economic Development of the BRICS Countries (Brazil, Russia, India, China and South Africa) called BRICS-PED recently.This special agreement will initially promote an identified range of products/services between Sri Lanka and BRICS countries and facilitate alliances on reciprocal basis. This path breaking initiative CCC BRICS-PED Business Co-operation Project is implemented from May 1,2012.

Sri Lanka will promote apparel,gems and jewellery, rubber, rubber products, spices, tea and tourism, whilst Brazil will focus on promoting cosmetics, diamonds, emeralds, food and beverages, fresh oranges, medical equipment, pharmaceuticals and tourism through the project.

Both institutions will call applications using a prescribed format from potential companies,which are interested in entering into partnerships for possible trade tie ups between Sri Lanka and BRICS countries. Products will be identified using Harmonized System Codes(HS Codes)to avoid mismatch of business interests of applicants.

Applications received will be verified for accuracy of details by both institutions prior to forwarding them to counterpart organisation, said the spokesman of the Ceylon Chamber of Commerce. Once counterpart organisations receive applications, they will publicise details of business interests amongst potential parties who are willing to partner and enter into transactions in Sri Lanka or BRICS PED Countries. After matching applications are received by CCC and BRICS-PED, they will be provided to the company concerned with a view to introduce parties together for business negotiations.

BRICS is an international organization of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2012, its five members are Brazil, Russia,India,China and South Africa. With the possible exception of Russia, the BRICS members are all developing or newly industrialized countries,but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. 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. Emerging markets are nations with social or business activity in the process of rapid growth and industrialization.

CCC BRICS-PED Business Co-operation Project was facilitated by Dr. Mahinda Balasooriya, Ambassador for Sri Lanka in Brazil.