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Bolivia Inches Closer To Mercosur Membership

by Mike Godfrey, Tax-News.com, Washington

04 July 2014


The government of Uruguay enacted a law on June 25, 2014, to incorporate Bolivia into the South American trade bloc Mercosur.

By joining the bloc – whose members include Argentina, Brazil, Paraguay, Uruguay, and Venezuela – Bolivia will commit to implement the common external tariff on goods from outside Mercusor, and its exporters will gain free trade access to a market of 230 million people.

The country began the process of acceding to Mercosur in December 2012, having been an associate member since 1997. It will only be fully integrated into the bloc when its membership is ratified by all member states. So far, Uruguay and Venezuela are the only countries to do so.

With preliminary approval for its accession bid, Bolivia has four years to make its laws compatible with the regulations of the bloc.

Last month, Mercosur member Brazil expressed interest in deepening cooperation between the trade bloc and the Pacific Alliance, an economic bloc composed of Colombia, Chile, Mexico, and Peru.

TAGS: tax | Chile | Paraguay | Uruguay | Venezuela | export duty | law | Colombia | Mexico | Bolivia | Brazil | Peru | import duty | regulation | trade | Argentina | free trade zone | South America

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