MercoPress. South Atlantic News Agency

Venezuela begins incorporation process to Mercosur

Venezuela signed Wednesday in Buenos Aires the protocol establishing the full incorporation to South America's main trade block Mercosur.

The document stars a four year timetable for full membership and until 2013 for free trade conditions with the four Mercosur full members, Argentina, Brazil, Paraguay and Uruguay.

In a joint statement Mercosur and Venezuela confirmed their commitment to the consolidation of the South American integration process "in the context of Latinamerican integration".

The signed protocol contemplates Venezuela's incorporation under the principles of "gradualism, flexibility and equilibrium" taking into account the economic asymmetries between the countries involved.

Furthermore it recognises "differential treatment" principles between country members as well as those of "food supply security, subsistence means and integral rural development".

Venezuela first signed its incorporation intent last December and following on Mercosur practice and principles must accept the "democratic system enforcement" clause to become a member.

Regarding the common external tariff applied by all Mercosur full members, Venezuela has a four years period to fully implement it. However an "exceptions" system is contemplated under the gradual adherence principle.

Argentina and Brazil are committed to fully lower their trade barriers to Venezuela by 2010, with reciprocity achieved by 2012 and the extinction of the exceptions' system for "sensitive" goods by 2014.

However Mercosur junior members, Paraguay and Uruguay have until 2013, (Venezuela 2012), although the protocol effectively establishes an immediate opening for "Venezuela's main export produce".