Venezuela works on trade regulations with Mercosur partners

As part of Venezuela's incorporation into the Common Market of the South (Mercosur), a Venezuelan commission plans to visit Montevideo, the capital city of Uruguay, on August 11-17, to set the rules which will allow for trade among the Member States of the regional bloc.

Minister of Trade Edmée Betancourt elaborated on the establishment of a taskforce to deal with regulations and free trade, as well as the schemes to strengthen production.

The items laid down in the protocol of Venezuela's adhesion to Mercosur, after becoming a full member last July 31, include a schedule to adopt Mercosur current regulations, AVN reported.

Pursuant to the regulations, Venezuela ought to adopt a number of decisions, resolutions and guidelines gradually and within a four-year term from the entry into force of the current protocol, cited a notice from the Venezuelan-Spanish Chamber of Industry and Commerce.

It commented that, among others, a working team will be set up to agree on Mercosur Common Nomenclature (MCN) and the Common External Tariff (CXT).