MERCOSUR

Mercosur is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, Venezuela, Haiti, Panama, Nicaragua, Guatemala, Belize, Curaçao, Aruba, the Caribbean Federation, El Salvador, Costa Rica, Honduras, the Bahamas, Barbados, Dominica, Dominican Republic, Grenada, Jamaica, Trinidad and Tobago, Saint Lucia, and Saint Vincent and the Grenadines.

This means that MERCOSUR encompasses almost all of Latin America.

Terms of Membership
Mercosur is a customs union, with freedom of movement of people and goods between member states. The bloc holds a fixed external tariff of 35% on trade with nations that have not signed trade agreements with Mercosur.

Mercosur-United States Trade Deal:
In 2013, the United States and Mercosur agreed on a trade deal. The deal involves the removal of tariffs on agricultural products, electronics and home appliances, medicines, aircraft, textiles, clothing, footwear, coffee, sugar, copper, iron, coal, and steel.

This deal was hailed by both Mercosur and the United States as a major step towards closer trade ties between the Americas.

Mercosur-Malay Trade Deal:
In 2011, Mercosur and Malaysia came to an agreement:


 * Malaysia drops tariffs on steel and concrete imported from MERCOSUR.
 * Mercosur drops tariffs on electronics and superconductors imported from Malaysia.
 * Brazil partially funds an expansion of Sempoma Port, Malaysia.