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Bolivia Looks Ahead for Full Mercosur Membership
By PPO Abogados
Bolivia is a step closer to become a full member of the South American Mercosur trade bloc, after the Brazilian Senate approve its admission. While Bolivia has been associated with Mercosur since 1996 through the Protocol of Accession, it is not yet a full member. Ratification by all current member countries is needed and the accession then formally concluded during a regional summit of Mercosur. It is expected that such formality will be concluded this year.
Mercosur, which stands for Mercado Común del Sur (Southern Common Market) is a South American trade bloc established in 1991. Its full members are Argentina, Brazil, Paraguay and Uruguay.
Full members enjoy tariff-free trade with all other members, meaning they can export and import goods without facing additional customs duties. This can significantly reduce the cost of exporting and importing goods, making them more competitive in the regional market.
Mercosur also negotiates free trade agreements (FTAs) with other countries and blocs, like the European Union. As a full member, a country benefits from these agreements by gaining preferential access to new markets.
On December 7, 2023, Mercosur and Singapore signed the MERCOSUR-Singapore Free Trade Agreement with the following goals:
Lower trade tariffs: The agreement outlines a gradual reduction of tariffs on approximately 96% of products traded between Mercosur and Singapore over a 15-year period. This will ultimately lead to freer trade and potentially lower prices for consumers in both regions.
Ease investment conditions: The agreement aims to simplify and improve the environment for investment between Mercosur countries and Singapore. This could attract more investment and promote economic growth in both regions.
Strengthen trade relations: The agreement represents a significant step forward in strengthening trade relations between Mercosur and Singapore. It is expected to create new opportunities for businesses in both regions and contribute to economic development.
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