Busi

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Mercosur: Present and Future
Xiao Li
Brenau University
02/20/2012

Mercosur: Present and Future Background Mercosur, known as the Common Market of the South, was founded by Paraguay, Uruguay, Brazil and Argentina under the Treaty of Asuncion signed in March 1991, which was amended and updated by the 1994 Treaty of Ouro Preto, it took effect on January 1, 1995 and formalised a customs union (Connolly, 1999). Mercosur’s headquarter is in Montevideo, Uruguay . Several other countries were admitted as associate members including Chile, Bolivia, Colombia and Peru. Venezuela is currently in the process of integrating into the bloc and it will become a full member once all members’ parliaments ratify its accession (Bosworth, 2011). Since it was established, Mercosur has made remarkable achievements. It is now South America’s leading economic integration organization and the world's fourth largest integrated market after the European Union, North American Free Trade Agreement and the Association of South East Asian Nations. Moreover, the scope of cooperation is expanding to other areas, particularly the political and diplomatic fields. Objectives Mercosur’s main objectives include: through the effective use of resources, coordination of macroeconomic policies, to strengthen the economic complementation and promote economic development, thereby improving people's living conditions, and promoting regional economic integration process. Specifically, it aims at promoting free trade and bringing about the fluid movement of capital, goods and services among its members, and achieving a common external tariff as well.
Problems
The consolidation of Mercosur has contributed to regional integration in Latin America. It has enhanced trade and economic development, improved the international status of the member…...

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