MERCOSUR | IAS Target

MERCOSUR

IAS Target

MERCOSUR

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.

Headquarters Montevideo
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

Mercosur Objectives

  • 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.