MERCOSUR Group: Members, Objectives, Headquarters and UPSC Notes

Key notes

  • MERCOSUR means Mercado Común del Sur, or Southern Common Market.
  • It is a regional economic and political bloc in South America.
  • It was created by the Treaty of Asunción in 1991.

  • Founding members:

    • Argentina.
    • Brazil.
    • Paraguay.
    • Uruguay.
  • Bolivia has become a State Party.
  • Venezuela is a State Party but its rights and obligations remain suspended.
  • Associated States include Chile, Colombia, Ecuador, Guyana, Peru and Suriname.

  • Objectives include:

    • Free movement of goods and services.
    • Common external tariff.
    • Regional economic integration.
    • Coordination of macroeconomic policies.
  • Headquarters/secretariat: Montevideo, Uruguay.