Mercado Común del Sur (MERCOSUR)

Definition

Mercado Común del Sur (MERCOSUR) is a regional trade bloc in South America aimed at promoting free trade and the fluid movement of goods, people, and currency among its member countries. It seeks to enhance political and economic cooperation to improve competitiveness in the global market.

Related terms

Free Trade Agreement: An agreement between two or more countries to reduce or eliminate barriers to trade, allowing goods and services from each country to enter the others more freely.

Economic Integration: The process by which different countries agree to remove trade barriers between them, with the goal of increasing economic cooperation for mutual benefit.

Global Governance: The collective efforts of various international organizations and entities to manage global issues through cooperation, negotiation, and regulation across national borders