![]() ![]() ![]() However, more than 20 years after its founding, the group still struggles to achieve that goal. Mercosur functions as a customs union and free-trade area, and has ambitions to become a common market along the lines of the European Union. ![]() Known as Mercosur in Spanish or Mercosul in Portuguese, the group encompasses 295 million people and has a combined GDP of nearly $3.5 trillion. One of Latin America’s largest regional integration projects, Mercosur also counts Chile, Colombia, Ecuador, Guyana, Peru, and Suriname serve as associate members. Founding member countries decided to remove Venezuela, which had joined Mercosur in 2012, for its failure to incorporate standards on trade and human rights into national laws, although the country could rejoin if it were to adopt the necessary norms.īolivia is in the final stages of the accession to become the sixth member. Mercosur is made up of four member countries-Argentina, Brazil, Paraguay, and Uruguay-after Venezuela was notified it would be suspended from the trading bloc on December 1. Updated December 6, 2016 - The Southern Common Market is one of the world’s leading economic blocs and its fifth-largest economy. ![]()
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