CEVAP:

MERCOSUR was established as an economic and political bloc in South America by Argentina, Brazil, Paraguay and Uruguay in 1991. Its associate members are Bolivia, Chile, Colombia, Ecuador, and Peru. MERCOSUR aims to deepen economic integration among its members, which agreed to liberalize trade among themselves and to harmonize their economies. Currently, the bloc is responsible for more than three-quarters of the economic activity on the South American continent.