Mercosur
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The Mercosur came into existence when Argentina, Brazil, Paraguay and Uruguay signed the Treaty of Asuncion in March of 1991. Its goal was to create a common market and customs union between the four participating countries. It was modeled on various forms of economic co-operation that had been taking place between Argentina and Brazil since 1986. A transition phase began in 1995 and was scheduled to last until 2006. In 1996, association agreements were signed with Chile and Bolivia including them in the free trade relationship. The six countries also created a common mechanism for political consultations which was formalized in 1998 in which Argentina, Brazil, Paraguay and Uruguay along with Bolivia and Chile participate as full members of the Political Mercosur (Mercosur, 2004). Recent History: According to the CIA World Factbook online, Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of
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Approximate Word count = 664
Approximate Pages = 3 (250 words per page)
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