Mercosur


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Related to Mercosur: Unasur

Mercosur

or

Mercosul,

officially the Common Market of the South, Latin American trade organization established in 1991 to increase economic cooperation among the countries of E South America. It is commonly known as Mercosur or Mercosul from the Spanish and Portuguese names, respectively, for the organization. Full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela, which became a full member in 2012, was suspended in 2016 for failing to bring its national laws in line with membership requirements in the areas of economics, human rights, and immigration. Bolivia is in the process of becoming a full member, and Chile, Colombia, Ecuador, Guyana, Peru, and Suriname are associate members. The headquarters are in Montevideo, Uruguay. Mercosur is gradually eliminating tariffs between member states and at the same time aiming for a low common external duty; trade among its members has greatly expanded since 1991. A Mercosur parliament was established in 2007.
References in periodicals archive ?
Mercosur is keen for the parliaments of its member states to ratify the deal as soon as possible, daily La Nacion said.
In his speech, Colombia highlighted the progress made by Mercosur and its Associated States in terms of Human Rights, ombudsmen and immigration and consular matters.
The just-signed pact with South American countries creates the largest deal the EU has ever struck in tariff reductions, with duties on EU exports to Mercosur nations expected to be cut by ?4 billion a year.
The Ministry of Commerce has been making efforts to restart negotiations on PakistanA's bid for PTA/FTA with Mercosur. Due to the consistent efforts of the ministry, Pakistan's request will be taken up by the External Relations Group of Mercosur (GRELEX) in early 2019.
He said Pakistan had annual trade of $1 billion with Mercosur countries, adding trade with Argentina stood at $200 million, which had the potential to rise to $800 million.
EU resistance to open access to some Mercosur food exports remains a central obstacle to completing the long-delayed agreement that has been under negotiation since 1995.
"It is expected to boost South Korea's exports of auto, auto parts and electronics to Mercosur member states."
The ministry blamed it to lack of agreement between Mercosur member states on entering into a Preferential Trade Agreement (PTA) with Pakistan and their priority in in reaching trade deals with European Union.
The minister expressed Egypt's keenness to benefit from Mercosur member countries' markets for the entry of Egyptian exports all countries in South America.
Over the next 10 years, a projected 99 per cent of trade between Mercosur and Egypt will fall under the agreement, it said.
The objective of these instruments was to create a framework for negotiations on an Interregional Association Agreement, which would ideally include full liberalization of trade in goods and services in conformity with WTO rules, enhanced forms of co-operation and strengthened political dialogue between Mercosur and the EU.
"We want to get closer to China, because it is the main business partner to all Mercosur countries," Nin Novoa told the Senate's International Affairs Committee, according to local newspaper El Observador.