Panama receives status of associate member of South American trade bloc
Date
12/9/2024 3:53:00 AM
(MENAFN) Panama was officially granted the status of an associate member of the South American trade bloc Mercosur on Saturday. This was confirmed during a meeting in Montevideo, Uruguay, where the leaders of Argentina, Brazil, and Paraguay were also present. Panama's President, Jose Raul Mulino, celebrated the country’s historic achievement, noting that Panama is the first Central American nation to join the bloc. He emphasized the significance of the agreement as a commitment to the nation's future.
As an associate member, Panama will benefit from increased trade opportunities and collaboration but will not have voting rights or the ability to participate in decision-making processes within the organization. The trade bloc, known formally as the Southern Common Market (Mercosur), was established in 1991 to foster regional integration and economic cooperation. Its current full members include Argentina, Brazil, Bolivia, Paraguay, and Uruguay.
Mercosur's core objective is to promote economic growth and social development through cooperative policies and the reduction of trade barriers among its member countries. Panama’s inclusion is seen as a positive step in strengthening ties between Central and South America, providing Panama with broader access to regional markets and opportunities.
Mercosur has faced challenges over the years, including Venezuela’s suspension in 2016 due to political unrest. Despite this, the bloc continues to function as a key player in Latin American trade and regional collaboration. Panama’s admission into Mercosur marks a new chapter in its international relations, highlighting its growing influence in the region.
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