HAVANA.- The XLVIII Summit of the Southern Common Market (MERCOSUR- the Spanish acronym), with the participation of Bolivia among its members, ratified the member nation‘s and associated State‘s commitment to the strengthening of commercial ties, based on a model for democratic economic integration.

During the recent deliberations in Brazil, the principal outcome of which resulted in the inclusion of Bolivia as a full member, MERCOSUR has expanded its frontiers, and in the context of a global economic and financial crisis, has incorporated an economy with sustainable levels of growth and development.

The XLVIII Summit of the Southern Common Market (MERCOSUR- the Spanish acronym), with the participation of Bolivia among its members, ratified the member nation‘s and associated State‘s commitment to the strengthening of commercial ties, based on a model for democratic economic integration.The incorporation of Bolivia, covering an area of 1,098,581 square kilometers with a population of 10,000,000, will become a formal reality following approval by both the Brazilian and Paraguayan parliaments.

Nevertheless, leaders of the group‘s member nations celebrated the signing of the protocol of adhesion, and highlighted the significance of Bolivia‘s entry for the consolidation of the South American integration process.

Another goal set by MERCOSUR at their Brazil Summit relates to the relaxation of rules and regulations to facilitate increased commercial links between nations both within and outside of the block.

Honduran president, Horacio Cartes, confirmed in this regard that his country would work during their six month protempore presidency for the elimination of tariffs that diminish trade benefits within the regional block.

On a political level, the Summit reaffirmed a commitment to peace, and a permanent rejection of any antidemocratic or destabilizing acts.

Created in 1991 by the Asuncion Treaty, MERCOSUR is defined as a process of regional integration that initially brought together Argentina, Brazil, Paraguay and Uruguay, who were later joined by Venezuela.

The XLVIII Summit of the Southern Common Market (MERCOSUR- the Spanish acronym), with the participation of Bolivia among its members, ratified the member nation‘s and associated State‘s commitment to the strengthening of commercial ties, based on a model for democratic economic integration.The block represents the world‘s fifth largest economy and more than 70% of the Latin American Gross Domestic Product (GDP) and population.

It has, during it‘s 24 years, served as a mechanism for the deepening of regional economic relations and it has multiplied trade between member states by 10: from 5,100,000,000 dollars in 1991 to 58,200,000,000 dollars in 2012.

Unlike neoliberal economic alliances, MERCOSUR maintains amongst its objectives the creation of a common space for the generation of commercial and investment opportunities through competitive integration into international markets of the economies of non-member states.

In order to put a „human face“ on the block, one of its fundamental pillars is the promotion of democratic principles and economic development, as expressed by various social, cultural, labor and migratory accords among other accords of importance to the more than 295 million inhabitants.

Share on FB Share on TT