Mercosur or Mercosul, officially the Common Market of the South, Latin American trade organization established in 1991 to increase economic cooperation among the countries of E South America. It is commonly known as Mercosur or Mercosul from the Spanish and Portuguese names, respectively, for the organization. Full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela, which became a full member in 2012, was suspended in 2016 for failing to bring its national laws in line with membership requirements in the areas of economics, human rights, and immigration. Bolivia is in the process of becoming a full member, and Chile, Colombia, Ecuador, Guyana, Peru, and Suriname are associate members. The headquarters are in Montevideo, Uruguay. Mercosur is gradually eliminating tariffs between member states and at the same time aiming for a low common external duty; trade among its members has greatly expanded since 1991. A Mercosur parliament was established in 2007.
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