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, Brazil, Paraguay, and Uruguay, while Venezuela is a full member but has been suspended since 1 December 2016. Associate countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname. The main objective of Mercosur is to promote free trade and the fluid movement of goods, people, and currency. Since its foundation, Mercosurs functions have been updated and amended many times; it currently confines itself to a customs union, in which there is free intra-zone trade and a common trade policy between member countries.
Mercosur has signed trade deals with several countries, but bigger deals, including with the United States, China, and the European Union, remain elusive. The trade blocs full potential is immeasurable and can be found in the most diverse areas. Its territory of almost 15 million km² consists of a great variety of natural wealth and treasures which humanity possesses: water, biodiversity, energy resources, and fertile lands. Its greatest asset, nevertheless, is its people.
In addition to the four founding members of Mercosur and Venezuela, there are five countries with associate member status. These countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname. As associate members, they are able to join free-trade agreements but do not receive the benefits of the customs union.
