The LXIII Presidential Summit of Mercosur, which took place on December 7, 2023, in Rio de Janeiro, produced substantial results. One of them was the announcement that Brazil approved Bolivia's effective entrance into the bloc.
The accession protocol signed by the Bolivia in 2015 depended on the approval of the parliaments of all members of Mercosur. It was only at the end of November that the Brazilian Congress approved the accession protocol, which was enacted on December 11, by means of Decree No 11,817/2023.
Until now, Bolivia had the status of associated member of Mercosur, as Chile, Colombia, Ecuador, Peru, Guyana, and Suriname.
The protocol stipulates that Bolivia will be fully integrated into Mercosur within four years. During this period, the country must adopt the Mercosur Common Nomenclature (NCM), the Common External Tariff (TEC), and the bloc's origin regime. The same time has been set for the Bolivian government to cancel bilateral agreements, such as economic complementation with Venezuela, which is suspended from Mercosur.
This event and the signing of the Mercosur Free Trade Agreement with Singapore aim to strengthen the bloc as a means of expanding investment and trade in the region.
