Mercosur is a South American trade bloc created by the Treaty of Asunción in 1991 and the Protocol of Ouro Preto in 1994. Mercosur is an economic and political bloc. Brazil has asked India to expand its commercial and multilateral footprints in South America by expanding its relationship with MERCOSUR. India, at present, has over 450 tariff lines with MERCOSUR. But the plan now is to raise the tariff line to 4000.
|Official languages||Spanish, Portuguese, and Guarani|
|Full members||Argentina, Brazil, Paraguay and Uruguay|
|Associate countries||Bolivia, Chile, Colombia, Ecuador, Guyana, Peru and Suriname|
|Observer countries||New Zealand and Mexico|
|Venezuela is a full member but has been suspended since December 1, 2016|
- To promote free trade and the fluid movement of goods, people, and currency
- Mercosur currently confines itself to a customs union, in which there is free intra-zone trade and a common trade policy between member countries.