Bolivia Becomes Full Member Of Mercosur

by Mike Godfrey, Tax-News.com, Washington

23 July 2015

Bolivia was made a full member of the Latin American free trade bloc Mercosur on July 17, 2015.

Mercosur's existing members – Argentina, Paraguay, Uruguay, and Venezuela – voted on Bolivia's accession during the 48th summit meeting of the trade bloc in Brazil.

Bolivia has been an associate member for several years and the process of making it a full member was initiated in 2012. However, the process had to be put on hold when Paraguay was suspended from the bloc following the removal of former President Fernando Lugo in the same year.

By joining the bloc, Bolivia is committing to implement the common external tariff on goods from outside Mercusor and Bolivian exporters will now gain free trade access to a market of 230 million people.

At the July 17 meeting, Mercosur members were said to have revisited progress being made towards a free trade agreement between Mercosur and the European Union. The talks have been ongoing for 15 years. Brazilian President Dilma Rousseff said last year that the negotiators were close to reaching a deal.

TAGS: tax | free trade agreement (FTA) | Paraguay | Uruguay | Venezuela | export duty | tariffs | trade treaty | Bolivia | Brazil | import duty | trade | Argentina | Europe

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