Mercosur

Mercosur
masculine noun (abrev de Mercado Común del Sur)
1. MERCOSUR
MERCOSUR After several decades of growth in trade relations, Argentina, Brazil, Paraguay and Uruguay signed the Treaty of Asunción in 1991 to found MERCOSUR (“Mercado Común del Sur”, Southern Common Market). Initially no central institutions were established, but the Treaty of Ouro Preto in 1994 provided for an institutional structure, though its development is less advanced than that of the Comunidad Andina (CAN). The collapse of the Argentinian economy in 2002 dealt a severe blow to MERCOSUR, but as it has a combined population of 210 million, and a GDP of over $1,000 billion, it is still one of the largest economic groups in the world. Bolivia, Chile, Peru, Venezuela and Mexico all now have associate member status.

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