• Established: 1991 through the Treaty of Asunción (entered into force in 1995).
• Headquarters: Montevideo, Uruguay.
• ‘Nature: A regional trade bloc and customs union in South America aimed at promoting free trade and regional integration.
• Objectives
  • Promote free trade and fluid movement of goods, people, and currency among member states.
  • Establish a common external tariff (CET) and adopt a common trade policy toward non-members.
  • Coordinate macroeconomic and sectoral policies (e.g., agriculture, industry, transportation).
  • Strengthen regional competitiveness and collective bargaining power in global trade negotiations.
• Members
  • Founding Members: Argentina, Brazil, Paraguay, Uruguay
  • Venezuela: Admitted in 2012 but suspended in 2016 for violating democratic norms.
  • Associate Members: Chile, Peru, Colombia, Ecuador, Guyana, and Suriname.
  • Observer States: Mexico, New Zealand.

Source: PIB