Abstract
Founded in March 1991 by the Treaty of Asunción between Argentina, Brazil, Paraguay and Uruguay, MERCOSUR committed the signatories to the progressive reduction of tariffs culminating in the formation of a common market on 1 Jan. 1995. This duly came into effect as a free trade zone affecting 90% of commodities. A common external tariff averaging 14% applies to 80% of trade with countries outside MERCOSUR. Details were agreed at foreign minister level by the Protocol of Ouro Preto signed on 17 Dec. 1994.
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© 2013 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Turner, B. (2013). Southern Common Market (MERCOSUR). In: Turner, B. (eds) The Statesman’s Yearbook. The Statesman’s Yearbook. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-59643-0_91
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DOI: https://doi.org/10.1007/978-1-349-59643-0_91
Publisher Name: Palgrave Macmillan, London
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