NEWS – Bolivia has recently become a full member of MERCOSUR to enhance trade with member countries.

MERCOSUR

• MERCOSUR (Southern Common Market) is an economic and political bloc in Latin America.
• Members:
  • Original members: Argentina, Brazil, Paraguay, and Uruguay.
  • Later additions: Bolivia and Venezuela (Venezuela suspended since December 1, 2016).
• Creation:
  • Established in 1991 by the Treaty of Asuncion.
  • Objective: To facilitate the free movement of goods, services, and factors of production among member countries.
• Aims:
  • Promote economic integration.
  • Encourage free trade.
  • Facilitate the movement of goods, services, and people.
• Governance:
  • Highest decision-making body: Common Market Council.
  • Purpose: To coordinate foreign and economic policies.
• Languages : Spanish and Portuguese.
• Trade Agreements: India and MERCOSUR signed a Preferential Trade Agreement (PTA) in 2004 to strengthen economic ties.
• Headquarters: Located in Montevideo, Uruguay.