Venezuela to debut in Mercosur

Amidst a set of regulations and after its controversial incorporation into the bloc due to the temporary suspension of Paraguay, Venezuela's debut in the Common Market of the South (Mercosur) has finally arrived. The country's entry into the group is strategically important for Venezuelan President Hugo Chávez.

The Venezuelan leader's dream took six years to become true. Next Friday, Venezuela will no longer be an associated member and become a full member of the southern organization, which will be holding its next presidential summit in Brasilia, EFE cited.

Although Chávez's attendance to the summit has not been confirmed, Mercosur's upcoming summit will draw the line between the past and the future.

The summit also implies the return of Venezuela to a regional economic integration system after the country's final withdrawal from the Andean Community (CAN) in 2011 due to an impasse in 2006 with Peru and Colombia, which were negotiating bilateral Free Trade Agreements with the US.

Meanwhile, local entrepreneurs are worried about the fact that in four years the country shall adopt Mercosur's set of regulations and eliminate tariffs of other trade partners.

Venezuela's tariff adjustment to comply with Mercosur's regulations may begin by adopting the bloc's nomenclature, which may be completed by the end of the year. The adoption of the common external tariff (roughly 10%) would follow.

Upon Venezuela's full incorporation into Mercosur, the Venezuelan Government will reinforce its position in the region and appear as the world and economic "power" that president Hugo Chávez trumpeted during the run-up to the presidential election, where he resulted reelected for the third time.   

Translated by Jhean Cabrera