Mercosur.Mercosur Mercosur or Mercosul, officially the Common Market of the South, Latin American trade organization established in 1991 to increase economic cooperation among the countries of E South America. , the trade bloc A trade bloc is a large free trade area formed by one or more tax, tariff and trade agreements. Typically trade pacts that define such a bloc specify formal adjudication bodies, e.g. NAFTA trade panels. that includes Brazil, Argentina, Paraguay and Uruguay, scrapped a 1.5% import tax that was designed to shield member nations from excess imports entering the free-trade zone free-trade zone Area within which goods may be landed, handled, and re-exported freely. The purpose is to remove obstacles to trade and to permit quick turnaround of ships and planes. during the Asian financial crisis of the late 1990s. The tax was originally 3%, although Mercosur governments cut it in half at the beginning of 2004 before phasing it out. |
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