Mercosur

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Mercosur

The "Common Market of the South," which includes Argentina, Brazil, Paraguay, and Uruguay in a regional trade pact that reduces tariffs on intrapact trade by up to 90%.

Mercosur

An international organization consisting of Argentina, Brazil, Paraguay, and Uruguay, as well as several associate members in Latin America. The organization mandates the lowering of tariffs and other trade barriers, with an eye toward eventually eliminating restrictions on the movement of capital, labor, and goods and services. It aims to increase trade by and between countries in South America; critics in the United States and elsewhere worry that it will prevent the proposed Free Trade Area of the Americas from coming to fruition. See also: Free trade, Gaucho.

Mercosur

a regional ‘customs union’ established in 1995 to promote FREE TRADE between Brazil, Uruguay, Argentina and Paraguay. See TRADE INTEGRATION, LATIN AMERICAN FREE TRADE ASSOCIATION.

Mercosur

a regional CUSTOMS UNION established in 1995 to promote FREE TRADE between member countries. Mercosur, which comprises Brazil, Uruguay, Argentina and Paraguay, provides for the tariff-free movement of products between member countries and operates a ‘common external tariff against imports from non-members.

See TRADE INTEGRATION.

References in periodicals archive ?
Only Mercosur, the Common Market of the South, has been running successfully since 1991.
During the talks, Cavaco Silva praised Brazil's political and economic achievements in recent years, and promised that Portugal will push forward negotiations on the free trade agreement between Mercosur, or the Common Market of the South, and the European Commission.
Technology Laboratory of Uruguay (LATU), Management Unit, on behalf of the Mercosur Common Market of the South Group, Montevideo, URUGUAY.
Much of his discussion centers around Mercosur, The Common Market of the South, particularly its origin and development, nature and dynamics, and potential.