CCC reaches out to emerging markets through BRICS-PED

The Ceylon Chamber of Commerce (CCC) signed a cooperation 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 Cooperation Project’ is implemented from 1 May 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) in order 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 organisations,” 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 organisation 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-industrialised 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 three 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 industrialisation.

‘CCC-BRICS-PED Business Cooperation Project’ was facilitated by Dr. Mahinda Balasooriya, Ambassador for Sri Lanka in Brazil. Further details regarding ‘CCC-BRICS-PED Business Cooperation Project’ could be obtained from www.chamber.lk or by contacting the Business Councils Division of the Ceylon Chamber of Commerce Tel. +94 11 2329143 or + 94 11 2421745-7.

The Ceylon Chamber of Commerce is an effective spokesman of the Sri Lankan business sector. Through its many specialised committees, affiliated associations and 21 bilateral business councils, the CCC actively promotes international business. Its members serve on various institutions and committees set up by the Government and the private sector.