Egypt has signed a free-trade deal with Latin America's Mercosur trade bloc to establish differential export tariffs for products that Mercosur countries are interested in selling to Egypt, and vice-versa. Also, the Mercosur trade bloc (Southern Common Market) agreed Tuesday on a common customs code that should speed up and reduce the cost of commerce across South America. Argentina, Brazil, Uruguay and Paraguay have full membership; Bolivia, Chile ,Colombia, and Peru having associate membership, and Venezuela signed membership agreement in 2006 to create a single Mercosur customs declaration, unifying terms so that taxes on imports as well as exports can be calculated and shared across Mercosur which is sometimes called Mercosul.