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President of Bolivia promulgates law of accession to Mercosur

La Paz, July 5 (Prensa Latina) President Luis Arce promulgated Law 1567 of the Protocol of Accession of Bolivia to the Southern Common Market (Mercosur), an event that he described today as “strategic” on social networks.

Arce stated on his July 3, 2024 by the Senate (…)”.

The dignitary maintained that “after almost 7 months, finally (…) they sent us the sanctioned law, and on this same day we promulgated it immediately (sic).”

He considered that, with this incorporation, Bolivia will be part of an “important space” of regional integration, commercial exchange and productive strengthening, which will allow the country to become an articulating axis in the region.

The sole article of Law 1567 states that “(…) the Protocol of Accession of the Plurinational State of Bolivia to Mercosur is ratified, signed in the city of Brasilia, Federative Republic of Brazil, on July 17, 2015, and whose text forms part of this law.”

The Bolivian Foreign Minister, Celinda Sosa, explained this Friday at a press conference that in addition to the commercial benefits, entry to the bloc will benefit the more than two million Bolivians residing in the member countries.

She insisted that this condition will allow them to acquire the status of Mercosur Citizens, which offers them rights and benefits that are very favorable for their quality of life.

Sosa reported that next Monday Arce will participate in the Mercosur Summit in Paraguay, where a special event will be held to present Law 1567.

There you must formalize the Deposit of the Instrument of Ratification of the Protocol of Accession to Mercosur in the Ministry of Foreign Affairs of that country, depositary of the document.

Eight years ago, Bolivia began the process of joining Mercosur, which was stalled due to the lack of approval in the Legislative Body of Brazil, an obstacle that was overcome after the arrival to the presidency of Luiz Inacio Lula da Silva and the efforts made before him for his Bolivian counterpart.

After this step, Bolivia will have a period of up to four years to adopt all the regulatory baggage of the bloc and consolidate reciprocal free trade with Brazil, Argentina, Uruguay and Paraguay.

With the conclusion of this process, Bolivians will have a series of benefits such as the free circulation of goods, services and productive factors throughout this area.

Likewise, customs obstacles and non-tariff restrictions on the circulation of merchandise and any other equivalent measure will be eliminated for them.