MERCOSUR

MERCOSUR

  • MERCOSUR is a trading bloc of South America.
  • Modelled on the lines of the European Union.
  • Was formed in 1991
  • It is the fourth-largest integrated market after the European Union (EU)
  • Headquarters: Montevideo (Uruguay)

MEMBER COUNTRIES: Argentina, Brazil, Paraguay, Uruguay

AIM: Free movement of Goods, Services, Capital and People.

India -Mercosur Relation

  • India’s trade with MERCOSUR for 2013 was 15.2 billion US dollars accounting for 60% of India’s total trade with Latin America. India’s imports mainly included crude oil from Venezuela and soya from the region
  • The major products covered in the Indian offer list are meat and meat products, organic & inorganic chemicals, dyes & pigments, raw hides and skins, leather articles, wool, cotton yarn, glass and glassware, articles of iron and steel, machinery items, electrical machinery and equipments, optical, photographic & cinematographic apparatus
  • The major product groups covered in the offer list of MERCOSUR are food preparations, organic chemicals, pharmaceuticals, essential oils, plastics & articles, rubber and rubber products, tools and implements, machinery items, electrical machinery and equipment.

Also, check out: ECOWAS (Economic Countries of West African States)

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