Studies Of The Southern Common Market (Mercosur) Found That The Net Effect Of The Agreement Was

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On 21 November 2016, Paraguayan Foreign Minister Eladio Loizaga announced that he was suspending Venezuela in December 2016, after the nation was given a three-month deadline to reform its legislation on meeting Mercosur`s requirements, with Mercosur stressing the need to review Venezuela`s «rules on trade, politics, democracy and human rights.» [27] On 1 December 2016, Venezuela was suspended from Mercosur. [28] The Caribbean country`s accession protocol was signed in 2006 by all the presidents of the bloc countries. The Uruguayan and Argentine congresses then approved the accession of the new member. The Brazilian Congress did not do so until December 2009. However, the Paraguayan Congress did not approve it and therefore prevented the Caribbean nation from fully joining it. In response to the summary ouster of the President of Mercosur by Fernando Lugo on 29 June 2012, the Mercosur presidents have declared Paraguay`s suspension until the next presidential elections in April 2013. A month later, the bloc presidents confirmed their commitment to Venezuela. It was proposed that the decision on Paraguay`s return could be overturned by exercising its veto power, which was not the case. [22] The decision was challenged. For some economists, Venezuela`s acceptance as a full member of Mercosur broadens the bloc`s economic importance and opens up new business and investment opportunities. But for others, the decision was considered hasty, imposed by the Brazilian and Argentine governments and motivated solely by political interests.

The group is the executive arm of Mercosur and is coordinated by the foreign ministries of the Member States. Its fundamental task is to enforce the Treaty of Asuncion and to take the necessary decisions to implement the decisions taken by the Council. It can also take practical steps to open up trade, coordinate macroeconomic policies and negotiate agreements with third countries and international organizations that, if necessary, will participate in resolving Mercosur controversies. It has the authority to organize, coordinate and supervise working groups and convene special meetings to address issues of interest. Composition: The Common Market group consists of four permanent members and four alternates from each Member State, representing the following governments: (i) the Ministry of Foreign Affairs; (ii) the Ministry of Economy or the corresponding ministry (industry, foreign affairs and/or economic coordination); and (iii) the central bank. Members of the common market group appointed by a Member State constitute the national section of the common market group for that particular nation. Meeting: The common market group will normally meet at least once a quarter in alphabetical order. Special meetings can be convened freely at any time and in any pre-mediated location.

The meetings are coordinated by the head of the host member state delegation. Decision-making: The decisions of the Common Market Group are taken by consensus with the representation of all Member States. The official languages of Mercosur will be Portuguese and Spanish and the official version of all working papers will be written in the language of the country that is organising the meeting. Member States can assess goods from these areas with the common external tariff used for Mercosur or, for some special products, the national tariff applicable in each Member State. In this way, products from free trade zones can benefit from the more favourable tax treatment provided by the southern common market, imported into the normal customs areas of each Member State, or, in the case of certain special products, the normal customs treatment that prevails in each country.

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