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Mercosur stands for common market of the South, a supranational entity incorporated by the Argentina, the Brazil, the Paraguay, the Uruguay, and the Venezuela (the latter being incorporation). Mercosur also includes the Bolivia, the Chile, the Colombia, the Ecuador and Peru as associated countries.
This union was created in 1991 following the signing of the Treaty of Asunción, which allowed the free movement of goods, services and factors of production among the members. Mercosur has also determined the adoption of a common commercial policy, the coordination of sectoral and macroeconomic policies and the establishment of a common external tariff.
The integration between these nations gave rise to other specific agreements in the context of Mercosur. All members, as well as the Bolivia and Chile, form a zone of free residence with the right to work for all citizens. The only requirement is to make proof of nationality and have no criminal record. It is worth mentioning, however, that this facility does not imply freedom of movement, given that immigration procedures are always mandatory.
Mercosur has concluded agreements with other supranational organizations (such as the Andean Community of Nations) and with countries like Cuba, the India, the Israel and the Mexico.
According analysts, despite the statutes and the philosophy of the Mercosur, its objectives is not being fully achieved. The liberalization of trade within the block, for example, has never been made because each country can set up a list (which is updated every six months) with the products to which the common external tariff is not applied.