Bolivia is nearing full membership in the South American trade bloc, Mercosur, following a recent summit in Argentina.
Bolivian President Luis Arce believes this inclusion will benefit his nation and existing Mercosur members – Argentina, Brazil, Paraguay, and Uruguay.
The proposal includes collaborative industrialization, capitalizing on the substantial lithium reserves in Bolivia, Argentina, and Chile.
Since Bolivia’s initial application for full membership in 2015, Argentina, Uruguay, and Paraguay have ratified their accession protocol to Mercosur.
The final step is approval from the Brazilian Senate.
Former official Hugo Siles sees the close relationship between Brazil’s President Lula da Silva and Bolivia’s President Arce as potentially influential in this process.
The summit, being the first face-to-face meeting since 2019 due to the COVID-19 pandemic, saw discussions on various proposals, including the de-dollarization of regional trade and the potential use of alternative currencies like the Chinese yuan.
Lula da Silva expressed concerns over an environmental annex presented by the EU for a free trade agreement.
Arce also highlighted the strategic importance of industrializing resources like lithium amid global interests.