Venezuela formally adopts Mercosur customs norms

Venezuela formally adopted from Wednesday the norms, governing customs and tariffs, within the Mercosur bloc.

The news was announced in the government's official gazette, meaning Venezuela will join all the other members (Argentina, Brazil, Paraguay, Uruguay) in following these norms.

This means all goods traded across Mercosur are governed by the customs rules established in the Asuncion Treaty in 1991.

While Venezuela has claimed it held the group's rotating presidency from July to December 2016, this was not recognized by the other four, who also suspended Venezuela from the bloc in December for not meeting the group's norms.

On Jan. 1, Argentina took over the rotating presidency as planned but there has been little information from the other members as to whether Venezuela's suspension could be lifted.

In early December, Uruguay's President Tabare Vazquez said that "in politics and diplomacy, nothing is irreversible, everything can change."

Mercosur was formed in 1991 by Argentina, Brazil, Paraguay, and Uruguay, with Venezuela becoming the first non-founding member to join in 2006.

source: Xinhua