Mercosur, << MEHR koh soor, >> is an association of South American countries that work to increase trade among themselves. Argentina, Brazil, Paraguay, and Uruguay founded Mercosur in 1991. Since that time, most other South American countries have become either full or associate members of the group. Today, Mercosur is one of the world’s largest trade blocs. Its name in Spanish is Mercado Común del Sur (Southern Common Market). In Portuguese, the language of Brazil, the group is known as Mercado Comum do Sul (Mercosul). Headquarters are in Montevideo, Uruguay.
Since its founding, Mercosur has lowered tariffs, import quotas, and other trade barriers among member and associate member nations. In 1995, Mercosur adopted a common external tariff for many imports from countries outside the association. Associate members do not share the common external tariff. The organization is also working to establish standard trade rules and procedures and to coordinate economic policies among members.
