Mercosur
Mercosur, or the Southern Common Market, is a customs union between Brazil, Argentina, Uruguay and Paraguay. It was originally set up in 1991. Bolivia, Chile, Colombia, Ecuador and Peru have associate member status. Bolivia may be incorporated as a full member soon. In June 2006, Venezuela signed on as a full Mercosur member, although its membership still has to be ratified by the parliament of Paraguay.
As an instrument of subregional integration, Mercosur has been used to carry out important harmonization processes between the member states in areas such as intellectual property, agricultural policy and labour law. But the group is also plagued by internal conflicts.
Mercosur as a bloc is currently negotiating bilateral free trade agreements with other blocs such as CARICOM, the Andean Community, European Union, and the Gulf Cooperation Council. It is also seeking one with the Dominican Republic.
Mercosur signed an FTA with Israel in December 2007 (which entered into force in September 2011) and another with Palestine in December 2011 after the four members recognised its statehood.
The possibility of Uruguay’s “breaking away” from Mercosur to sign its own FTA with the United States has created enormous tension within the group (not to mention within Uruguay). A similar situation exists with Paraguay.
last update: May 2012
Brazil aims to conclude free trade agreements between Mercosur and Singapore and South Korea by next year, as it also eyes deals with Vietnam and Indonesia.
Mercosur expecte trade agreement with the European Free Trade Association, a rich-country club, which includes Iceland, Liechtenstein, Norway, and Switzerland, to be finalized by August.
The South American trade bloc Southern Common Market (Mercosur) aims to further promote free trade among its members and trade partners, Chilean President Sebastian Pinera said
Brazilian President Jair Bolsonaro intends to propose a free trade agreement between South America’s Mercosur and the United States, once he takes leadership of the bloc, presidential spokesman Otavio Rego Barros said.
Argentina is talking with Brazil about free trade deals with the United States and China, Macri said, also underlining progress on trade deals with Canada, South Korea and Europe.
The Mercosur trade bloc is in talks with other countries including Canada and South Korea regarding new trade agreements.
The vice president of Brazil pledged to support the Arab country in entering into a free trade agreement with the Mercosur.
The South American trade bloc Mercosur hopes to become a main food supplier of the ASEAN in the next 50 years
MERCOSUR expects to identify topical areas of cooperation and dialogue in order to begin work on expanding economic and trade relations with the Eurasian Economic Union.
Brazil, Argentina see Mercosur nations doing individual pacts. Growing support across trade bloc for pro-trade reforms.
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MERCOSUR
Mercado Común del Sur (MERCOSUR) is a common market between Argentina, Brazil, Paraguay, Uruguay and Venezuela. -
MERCOSUR website
Official website of MERCOSUR, a common market between Argentina, Brazil, Paraguay and Uruguay (in Portuguese and Spanish)
