Southern Common Market (MERCOSUR)

About

MERCOSUR, or the Southern Common Market, is a regional trade bloc established in 1991 to promote economic integration among its member countries: Argentina, Brazil, Paraguay, and Uruguay. The bloc aims to create a common market by facilitating the free movement of goods, services, capital, and people. MERCOSUR is headquartered in Montevideo, Uruguay, and its official languages are Spanish and Portuguese, with Guarani also recognized. The bloc has associate members, including Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname, who participate in free-trade agreements but do not benefit from the customs union. MERCOSUR functions as both a customs union and a free-trade area, with ambitions to evolve into a common market similar to the European Union. It has significant economic influence, accounting for about 70% of South America's GDP. Key sectors include agriculture, industry, and services. Despite challenges, MERCOSUR remains a major economic force in the region, with recent trade rebounds and ongoing negotiations for broader trade agreements, such as the EU-Mercosur Agreement. The bloc's diversity and large market of over 285 million people make it an attractive platform for regional integration and global trade.