Mercosur

Free-trade organization, founded in March 1991 on signature of the Asunción Treaty by Argentina, Brazil, Paraguay, and Uruguay, and formally inaugurated on 1 January 1995. Venezuela became the fifth member in July 2006 (with full voting rights from 2010). Bolivia, Chile, Colombia, Ecuador, and Peru have associate member status. With a combined market encompassing more than 250 million people, Mercosur constitutes the world's fourth-largest free-trade bloc after the European Economic Area, North American Free Trade Agreement, and Asia-Pacific Economic Cooperation.

The presidency is held for a six-month period on a rota basis. The Common Market Council is responsible for taking decisions concerning the treaty's main objectives. Its executive body is the Common Market Group. An advisory Mercosur parliament was inaugurated in December 2006.