Mercosur (Mercado Común Del Sur – Southern Common Market)
Mercosur (Mercado Común Del Sur – Southern Common Market) :
Currently a customs union covering trade in goods except sugar and cars, MERCOSUR's objectives include the free transit of all goods, services and the factors of production, and the lifting of non-tariff restrictions. It was established on 29 November 1991 through the Treaty of Asunción and amended on 17 December 1994 through the Protocol of Ouro Preto, which covers mainly institutional issues. It included Argentina, Brazil, Paraguay and Uruguay. Chile signed an association agreement on 1 October 1996, and Bolivia did so on 1 March 1997. There are plans to harmonize regulations on intellectual property rights withinthe area, and to have mutual recognition of university degrees. A Dispute Settlement Court has also been created. The MERCOSUR secretariat is located in Montevideo
