La Paz, July 15 : Bolivia's full entry into the Southern Common Market (Mercosur) is a historic event and represents a "very important hinge in regional integration," said Foreign Affairs Minister Celinda Sosa Lunda.

Mercosur "offers many opportunities" for Bolivia, Sosa said, thanking its member countries of Argentina, Brazil, Paraguay and Uruguay, reports Xinhua news agency.

While Bolivia's accession to Mercosur takes effect in 30 days, the country will have up to four years to adopt the bloc's regulations.

Bolivia's membership promises significant economic benefits and strengthens the country's position in the region, as 70 per cent of its border is with Mercosur member countries, facilitating cross-border mobility and trade, said Sosa.

Mercosur was created in 1991 to promote free trade and the free movement of people and capital among its member countries.

/IANS