Venezuela-Mercosur trade agreements kick off in January
With Brazil, Venezuela will reserve tariff codes of sensitive goods, particularly to protect the domestic steel and metallurgical industry, among others
At the Trade Commission of the Common Market of the South (Mercosur) in Buenos Aires, final agreements were reached for the entry into force on January 1, 2013 of the tariffs under the new trade relations with Mercosur Member States Argentina, Brazil, and Uruguay.
Venezuelan Vice-President Nicolás Maduro gave the news, emphasizing that "such historical resolutions nail down Venezuela's full membership with Mercosur."
For his part, Venezuelan Minister of Communication and Information Ernesto Villegas tweeted, "beginning 2013, Venezuela will be able to export goods to Brazil, Argentina and Uruguay free from tariffs," state-run news agency Agencia Venezolana de Noticias cited.
An additional deal was made with Brazil and Argentina towards preferential treatment for extremely sensitive items for Venezuela.
Furthermore, Venezuela reached some agreements on Mercosur common classifications, Venezuelan Trade Minister Edmée Betancourt reported. Following Venezuela's inclusion in the regional trade block, she reasoned, strides have been made in tax relief for several commodities.
"Venezuela reached final agreements regarding customs nomenclature. We know that beginning April 2013, we ought to have ready all of the 10,029 tariff codes," Betancourt underscored, as quoted in the website of the Ministry of Trade.
Translated by Conchita Delgado Rivas
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.