Southern Common Market

Marché commun du Sud
Mercado Común del Sur (MERCOSUR)
Mercado Comum do Sul (MERCOSUL)

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Dec 1994 following the signing of Ouro Preto Protocol by Brazil, Argentina, Paraguay and Uruguay. Integration process involving the four countries was established by the Treaty of Asunción, signed 26 Mar 1991. Agreements for a Free Trade Area signed by Chile, Bolivia and Peru (since Dec 2003). Also referred to in English as Common Market of the South. Expected to merge with F-XD0055 - Andean Community; complete integration expected by Summit, Colombia, Dec 2007.


Promote free movement of goods, services and factors of production between States Parties; establish a common external tariff and adopt a common trade policy in relation to third States; coordinate macroeconomic and sectoral policies between States Parties; harmonize legislation in relevant areas in order to strengthen the integration process.


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Consejo del Mercado Común -- Conselho do Mercado Comum - Common Market Council (governing body), consisting of Ministers of Finance and Foreign Relations; K-XK1483 - Grupo Mercado Común del MERCOSUR (GMC); U-XK1505 - Comisión de Comercio del MERCOSUR; E-XJ1213 - Parlamento del MERCOSUR; Permanent Court of Revision; U-XK1506 - Foro Económico y Social del MERCOSUR; Secretariat.


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