Definitions for "Mercosur"
The "Common Market of the South," which includes Argentina, Brazil, Paraguay, and Uruguay in a regional trade pact that reduces tariffs on intrapact trade by up to 90%.
Mercado Comun del Cono Sur (Common Market of the Southern Cone), a free trade block and customs union, comprising Brazil, Argentina, Uruguay, and Paraguay.
A multilateral agreement on trade among Argentina, Brazil, Paraguay and Uruguay. The agreement was signed in 1991 and came into effect on January 1, 1995. Its main goal is to create a customs union among the four countries by 2006.