Mercosur

(ˈmɜːkəˌsə) n (Economics) a trading block composed of Argentina, Brazil, Paraguay, Uruguay, and Venezuela, with associate members Bolivia, Chile, Colombia, Ecuador, and Peru; superseded in 2008 by the Union of South American Nations (Unasur or Unasul), by uniting with the Andean Community[C20: from Spanish Mercado Común del Cono Sur common market of the southern cone]

Mercosur

Mercosul,

officially the Common Market of the South, Latin American trade organization established in 1991 to increase economic cooperation among the countries of E South America. It is commonly known as Mercosur or Mercosul from the Spanish and Portuguese names, respectively, for the organization. Full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela, which became a full member in 2012, was suspended in 2016 for failing to bring its national laws in line with membership requirements in the areas of economics, human rights, and immigration. Bolivia is in the process of becoming a full member, and Chile, Colombia, Ecuador, Guyana, Peru, and Suriname are associate members. The headquarters are in Montevideo, Uruguay. Mercosur is gradually eliminating tariffs between member states and at the same time aiming for a low common external duty; trade among its members has greatly expanded since 1991. A Mercosur parliament was established in 2007.

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.

Acronym

Definition

MERCOSUR➣Mercado Comun del Cono Sur (Southern Cone Common Market)

MERCOSUR➣Mercado Común Sudamericano (Spanish)