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 include Argentina, Brazil, Paraguay, and Uruguay; Bolivia and Chile are associate members. Mercosur is gradually eliminating tariffs between member states and at the same time aiming for a low common external duty, and trade between its members has greatly expanded since 1991.
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