The Common Market of the Southern Cone (Mercosur in Spanish, Mercosul in Portuguese) was established in the 1991 Treaty of Asunción, signed by the governments of Argentina, Brazil, Paraguay, and Uruguay. Implemented on December 31, 1994, the Mercosur permits the free movement of goods, services, and factors of production between these economies; it establishes a common external tariff and a common trade policy; and commits the member countries to the coordination of macroeconomic and sectoral policies in a variety of areas such as agriculture, industry, and foreign trade. [Source: Encyclopedia of Governance; Mercosur]
regionalism
Mercosur
concepts