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'''MERCOSUR''', or ''Mercado Comun del Sur'' | '''MERCOSUR''', or ''Mercado Comun del Sur'' started operations in 1994 as the [[Southern Cone]] Common Market,<ref>{{citation | ||
| title = A Guide to MERCOSUR Legal Research: Sources and Documents | | title = A Guide to MERCOSUR Legal Research: Sources and Documents | ||
| author = Edgardo Rotman | | author = Edgardo Rotman | ||
| url = http://www.nyulawglobal.org/globalex/mercosur.htm | | url = http://www.nyulawglobal.org/globalex/mercosur.htm | ||
| publisher = Hauser Global Law School Program, New York University School of Law | | publisher = Hauser Global Law School Program, New York University School of Law | ||
}}</ref> with the founding members being Argentina, Brazil and Paraguay, along with [[Canada]]<ref name=MERCOSUR-CA>{{citation | }}</ref> with the founding members being [[Argentina]], [[Brazil]] and [[Paraguay]], along with [[Canada]]<ref name=MERCOSUR-CA>{{citation | ||
| url = http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/mercosur.aspx?lang=en | | url = http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/mercosur.aspx?lang=en | ||
| title = Southern Cone Common Market (MERCOSUR) | | title = Southern Cone Common Market (MERCOSUR) | ||
| date = June 16, 1998 | | date = June 16, 1998 | ||
| publisher = Economic Development Canada}}</ref> It was created by the Treaty of Asunción in 1991. | | publisher = Economic Development Canada}}</ref> The countries have established [[most-favoured-nation]] relations, and consult on economic cooperation. It was created by the Treaty of Asunción in 1991. | ||
There are active free trade discussions with the [[European Union]].<ref MEROSUR-EU>{{citation | There are active free trade discussions with the [[European Union]].<ref name=MEROSUR-EU>{{citation | ||
| url = http://ec.europa.eu/external_relations/mercosur/index_en.htm | | url = http://ec.europa.eu/external_relations/mercosur/index_en.htm | ||
| title = Mercosur – (common market of the south) | | title = Mercosur – (common market of the south) | ||
| publisher = European Commission}}</ref> | | publisher = European Commission}}</ref> Mercosur is strong in agriculture, to which Europe has traditionally closed its borders, while Europe offers industrial and capital markets. This may well impact U.S. trade with the region. This may conflict with [[World Trade Organization]] and [[G20]] rules requiring that Most Favored Nation status must extend to all members.<ref>{{citation | ||
|title = EU-Mercosur Free Trade: U.S., a Third Wheel? | |||
| publisher = Council On Hemispheric Affairs | date = July 2, 2004 | |||
| url = http://www.coha.org/NEW_PRESS_RELEASES/New_Press_Releases_2004/04.37_EU-Mercosur.htm}}</ref> | |||
As of 2009, MERCOSUR was putting pressure on the hemispheric [[Free Trade Area of the Americas]] (FTAA), requiring new U.S. thinking. | |||
==References== | ==References== | ||
{{reflist}} | {{reflist|2}}[[Category:Suggestion Bot Tag]] | ||
Latest revision as of 11:00, 14 September 2024
MERCOSUR, or Mercado Comun del Sur started operations in 1994 as the Southern Cone Common Market,[1] with the founding members being Argentina, Brazil and Paraguay, along with Canada[2] The countries have established most-favoured-nation relations, and consult on economic cooperation. It was created by the Treaty of Asunción in 1991.
There are active free trade discussions with the European Union.[3] Mercosur is strong in agriculture, to which Europe has traditionally closed its borders, while Europe offers industrial and capital markets. This may well impact U.S. trade with the region. This may conflict with World Trade Organization and G20 rules requiring that Most Favored Nation status must extend to all members.[4]
As of 2009, MERCOSUR was putting pressure on the hemispheric Free Trade Area of the Americas (FTAA), requiring new U.S. thinking.
References
- ↑ Edgardo Rotman, A Guide to MERCOSUR Legal Research: Sources and Documents, Hauser Global Law School Program, New York University School of Law
- ↑ Southern Cone Common Market (MERCOSUR), Economic Development Canada, June 16, 1998
- ↑ Mercosur – (common market of the south), European Commission
- ↑ EU-Mercosur Free Trade: U.S., a Third Wheel?, Council On Hemispheric Affairs, July 2, 2004