Mercosur

(regional trade alliance) Mercosur (Spanish; Mercosul in Portuguese) or Southern Common Market, is comprised of Argentina, Brazil, Paraguay, and Uruguay. Mercosur is scheduled to enter into force in December 1994 for Argentina and Brazil and to enter into force in December 1995 for Paraguay and Uruguay. Mercosur, modeled similarly to the European Community’s Treaty of Rome, will establish a common external tariff and eliminate barriers to trade in services. Chile has not sought entry to Mercosur, but does have an agreement with Argentina which will provide for some similar benefits.

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