- 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)
