MERCOSUR

MERCOSUR ( Southern Common Market) (Spanish: MERCOSUR) Established: 1991 (Treaty of Asunción) Members: Argentina, Brazil, Paraguay, Uruguay (Venezuela suspended) Customs union since 1995 • Fourth largest trade bloc after EU, USMCA, ASEAN India-MERCOSUR Trade Expansion India and Brazil agreed to expand the 2004 Preferential Trade Agreement Goal: Broaden product coverage, reduce tariffs, explore Free Trade Agreement Key sectors: Agriculture, energy, pharmaceuticals, services Significance Strengthens India-Latin America ties Diversifies trade partnerships Boosts South-South cooperation