Mercosur(redirected from Common Market of the South)
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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.
Mercosura regional ‘customs union’ established in 1995 to promote FREE TRADE between Brazil, Uruguay, Argentina and Paraguay. See TRADE INTEGRATION, LATIN AMERICAN FREE TRADE ASSOCIATION.
Mercosura 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.