Mercosur | engleski leksikon

1. Mercosur


(South American Common Market) Free-trade organization, founded 1991 on signature of the Asuncion Treaty by Argentina, Brazil, Paraguay, and Uruguary, and formally inaugurated 1 Jan 1995. With a GNP of $800,000 million and a population of more than 190 million, Mercosur constitutes the world's fourth-largest free-trade bloc after the European Economic Area, the North American Free Trade Area, and the Asia-Pacific Economic Cooperation.
From Jan 1995 tariffs were to be removed from about 90% of goods traded within the market, and common tariffs imposed on about 80% of goods imported from outside. Members of the Andean Pact (Bolivia, Colombia, Ecuador, Peru, and Venezuela) agreed to seek a free-trade agreement with Mercosur shortly after its inauguration.

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