MERCOSUR

According to the newspaper Le Figaro, "Mercosur, for Mercado común del Sur in Spanish or Mercosul for Mercado común do Sul in Portuguese, is an economic alliance organized between several South American countries”. It is a free trade area that aims to eliminate all tariff barriers in trade between member countries. Above all, Mercosur is setting up a process of integration in its area, through a common commercial policy, coordination of macroeconomic policies and the harmonization of legislation.[1]

It should also be remembered that the territory of Mercosur covers more than 14 million km2, representing more than half of the South American continent[2]. As a result, 295,007 million inhabitants are part of the Mercosur area[3], which accounts for about 82% of South America's total GDP[4]. Mercosur therefore has a major weight in the South American economy. In addition, this organization represents the third largest economic bloc in the world behind the European Union in second place and NAFTA at the top of the podium.

The goal of this paper is to evaluate the level of regional integration Mercosur has managed to reach, in particular through the measures that have been implemented since its creation.

Building an economic alliance in South America

The Treaty of Asuncion: when two historically rival powers decide to put an end to years of tension

Origins of the MERCOSUR Treaty

On 26 March 1991, a treaty was signed in Asunción, Paraguay, by Argentina, Brazil, Paraguay and Uruguay, which was originally intended to commit the four countries to a common market at the end of a transition period ending on 31 December 1994. A few days before the end of the transition period, on December 17, 1994, in Ouro Preto, Brazil, the project was definitively set up. The protocol signed by the presidents of the four countries gave Mercosur an international legal personality.

This treaty was signed at a time when international economic relations around the world were fractured. Indeed, the end of the twentieth century was marked by a world divided into economic blocs competing with each other. In 1989, the European countries embarked on an economic union with the European Union, and the United States signed a free trade agreement with Canada and Mexico in 1994.  Fears of being marginalized in this way on the international economic scene were high, especially for developing countries, such as Uruguay, for example, which opted for a liberal economic policy, oriented towards free trade and the outside world, forcing it to adapt to the major international markets, their trends and their conditions of access.

Like Uruguay, many Latin American countries decided to opt for more liberal economic policies by promoting exports, using comparative advantages to conquer foreign markets. At the end of the twentieth century, regional integration was considered as a step towards the total opening of economies and as a vector for competitive integration into world markets. The political context also favored the creation of Mercosur. The authoritarian regimes of the fifties were followed by the creation in Latin America of democratic regimes of neo-liberal ideology.

Mercosur owes its existence above all to the political thaw between Argentina and Brazil that took place during the 1980s. These two countries, which today constitute the center of the Mercosur alliance, have always been very reluctant to engage in a form of advanced economic cooperation. Indeed, the historical rivalry between them for regional leadership and the presence of military governments for many years had created a tense atmosphere in the region that was in no way conducive to integrationist ideas. However, the democracies established in Argentina in 1983 and Brazil in 1985 changed the situation and fostered cooperation between the two countries. Between 1984 and 1989, the two countries signed 24 bilateral cooperation protocols, which included preferential customs duties between the two countries.

It is important to point out that the dictatorial past of these countries has prompted these new democracies to seek in bilateral agreements on political and economic cooperation a means of protecting themselves against the possible recurrence of coups d'état and dictatorships. In addition, the very poor economic record of the dictatorships has pushed Argentina and Brazil to put an end to the model of economic development through import substitution known as the ISI. The ISI is an economic development strategy  for so-called developing countries, advocated from the 1930s to the 1970s. This strategy places industry at the heart of development models. With the advent of democracies, countries have chosen, in line with international economic developments, to base economic growth on external openness that promotes regional integration.

The first steps to a reestablishment of political and diplomatic relations between Brazil and Argentina, which would later form the basis for Mercosur, followed the Foz de Iguazú Declaration of 1985 signed between the two powers. A year later, the presidents of Argentina, Raul Alfonsín, and Brazil, José Sarney, signed the Act for Argentine-Brazilian Integration, which established the Argentine-Brazilian Integration and Cooperation Program (Picab). This treaty is important because it lays down the basis for the creation of a common market between Argentina and Brazil within ten years, i.e. a common market normally planned for 1998. However, in June 1990, the Argentine and Brazilian presidents decided, by signing the Buenos Aires Act, to bring forward the date of entry into force of the common market to 1 January 1995. Paraguay and Uruguay were invited to join the project and thus give birth to Mercosur in 1991 with the Treaty of Asuncion.

Main goals of MERCOSUR according to the Treaty of Asuncion

The Treaty of Asunción clearly defines the aims, principles and conditions for the establishment of a future common market in the Southern Cone. The objectives of the Mercosur Common Market are to:

• "To promote the free movement of goods, services and factors of production".

• "Establish a common external tariff and adopt a common commercial policy towards third countries".

• "Coordinate macroeconomic and sectoral policies in areas such as foreign trade, agriculture, industry, taxation and currency".

• "Harmonize national legislation so as to consolidate the integration process". [5]

  
  

In order to achieve the common market and these four objectives, the signatory countries have committed to:

• Establish a trade liberalization program leading to the creation of a free trade area.

• Coordinate their macroeconomic policies.

• Define a common external tariff.

• Adopt sectoral agreements to optimize the use and mobility of factors of production.

  
  

The treaty provides for the gradual elimination of tariffs at the borders of the four countries. This first stage was to be taken on 31 December 1994 for Paraguay and Uruguay, at the end of the transitional phase mentioned above, and one year later in 1995 for Argentina and Brazil. Secondly, the elimination of non-tariff barriers, i.e. the end of trade measures intended to limit imports and exports between the four countries.[6] 

Functioning and structure of the alliance

First of all, Mercosur has a very specific mode of operation in terms of its presidency. Indeed, there is a rotating "pro tempore" president who holds office for six months, which ensures a rotation of power between all member countries. He is one of the heads of state of one of the member countries. Currently, it is Alberto Fernández, the president of Argentina.

Mercosur is composed of three central bodies:

1. The Common Market Council, which is composed of the various Ministers of Foreign Affairs and Economy of the member countries. It is a policy framework whose objective is to monitor the integration process.

2.  The Common Market Group, which ensures the proper functioning of Mercosur.

3. The Trade Commission, which is responsible for overseeing the trade policy measures of the organization and administering the common trade policy instruments.

   
   

Although these three institutions form the core of Mercosur, Mercosur also has more than 300 discussion and negotiation groups covering many areas and consisting of representatives of member countries[7]. Their aim is to implement measures in areas such as immigration and culture, according to the official Mercosur website.[8]

The Treaty of Asuncion also provides for the establishment of 10 working groups in the areas of trade, customs, standards, fiscal and monetary policies, land and maritime transport, industry, technology, agriculture, energy, macroeconomic policy coordination, labor, employment and social security. It is also important to specify that all decisions taken during the exchanges are made with the presence of all parties and by consensus, which means that the organization does not consider the different economic weights represented by its member countries, for example. Each member country has its say, which thus guarantees equality between the member countries of the alliance.

In addition to these forums, other institutions have been created over the years, which have also made it possible to extend the objectives initially set but above all to make the organization more efficient. There is a parliament whose purpose is to ensure the representation of people living in Argentina, Brazil, Paraguay and Uruguay. Mercosur also has an institute for public policy on human rights, in order to protect its citizens and punish actions that go against its principles. The Mercosur Social Institute, for its part, tries to support the organization's social policies. A right of technical and administrative assistance is also conferred on the Mercosur secretariat. Finally, there is a permanent review tribunal that allows for the settlement of disputes that may exist within the organization.

Member and Associate Member Countries

The member countries are none other than the founding members of Mercosur: Argentina, Brazil, Uruguay, and Paraguay.

Venezuela, which had joined Mercosur on 31 July 2012, was suspended for commercial reasons on 2 December 2016. The four founding countries of Mercosur have suspended Venezuela from the South American bloc for non-compliance with the charter of the South American common market. The decision came after the expiry of a three-month ultimatum issued in September to the authorities in Caracas to adapt their legislation to the charter of the South American Common Market.

A few months later, Venezuela was politically suspended. On 5 August 2017, Mercosur suspended the country for "breaking the democratic order". The foreign ministers of Brazil, Argentina, Uruguay and Paraguay have decided to suspend Venezuela from Mercosur due to the actions of Nicolas Maduro's government. According to them, the Venezuelan government is going against democratic principles and therefore cannot be part of Mercosur. To date, the country has still not rejoined the alliance. The suspension will only be lifted when the other members consider that democratic order has been restored in Venezuela.

In 2015, the protocol of Bolivia's accession to Mercosur was signed by all member states. This will only be truly effective when the congress of each of the member states has ratified this accession, which is still not the case in 2023. In addition, Bolivia does not yet intend to leave the Andean Community (CAN) and the legal question of its accession to Mercosur therefore still remains unresolved. In summary, Bolivia's membership in Mercosur depends on the diplomatic, political and geopolitical decisions of the organization's member countries.

The associate members of Mercosur are Chile, Colombia, Ecuador, Peru, Guyana and Suriname. Mercosur also has two observer countries: New Zealand and Mexico, which can attend the work and discussions of the alliance without intervening.

Mercosur, beyond economic integration

The socio-economic contributions of the alliance

Since Mercosur came into existence, the trade of its member countries has increased by 12[9], indicating that the policies implemented by Mercosur have been able to reach its primary goals. In 2021, trade between member countries amounted to $40,612 million[10]. Indeed, one of the objectives of Mercosur is to strengthen ties between member countries. Among the most traded goods are transportation equipment and parts, industrial supplies and food products.

The cooperation of Mercosur member states has helped to further strengthen the bloc's level of regional integration, particularly through measures to promote intra-bloc trade. One example is the signing of the Mercosur Trade Facilitation Agreement in 2019. Its main purpose was to make trade between member countries more fluid but also to harmonize regulations for products from outside Mercosur. By setting up this agreement, the organization sought to increase trade within its territory, but it was also intended to benefit all merchants and consumers, as well as to open a little more to the rest of the world.

Although Mercosur's trade is mainly characterized by the exchange of goods, exchange of services has also grown. In 1997, Mercosur member countries had put in place a protocol, the Montevideo Protocol on Trade in Services, which aimed to incorporate services into their trade (e.g. telecommunications services). This measure has been further developed through various rounds of negotiations that have made it possible to extend the commitments initially made to other sectors and to promote better regulation.

On top of that, Mercosur is a major global economic player. Indeed, its global trade reached $598,918,000 in 2021[11]. The Mercosur countries have many resources like raw materials, which are of particular interest to several countries, which allow them to increase their trade revenues by exporting these raw materials to the world in large quantities, in particular soya, iron, oil, maize and beef.

Mercosur's economic integration has intensified over the years. Since 2006, there has been the  Mercosur Structural Convergence Fund (from the Spanish Fondo para la Convergencia Estructural del Mercosur, FOCEM). This institution is mainly part of an economic cooperation mechanism that aims to reduce imbalances between member countries but also to help sectors that are experiencing difficulties and to make companies more competitive.  The countries that count with fewer resources receives more subventions than the other member countries. Each year, the institution has more than $100 million available to implement various policies[12]. It finances many infrastructure projects. For example, there are road construction and restoration projects in the Member States, which seem to be very important because in Latin America most roads are in very poor condition. There are other fields of action such as the establishment of sanitation systems, drinking water, improvements to school equipment or plans for the development of tourism products, which shows that the organization operates in many and varied fields.

While the main goal of Mercosur is to develop trade relations between member countries, it should be noted that progress, particularly in terms of work and mobility, is also noteworthy. A concrete example is the Mercosur citizenship booklet. This includes several rules that allow citizens of member countries to benefit from free movement (the possibility of living, studying and travelling without any restrictions, including the fact of having to present a passport) in the territory of Mercosur, which is also one of the fundamental freedoms of the European Union, but also the recognition of diplomas. In addition, there are other measures that the EU, one of the most accomplished regional integration organizations, has also put in place. We can mention the fact that vehicles from Mercosur member countries have common number plates, which may seem like a detail, but helps to strengthen the links between these four countries and promotes regional integration a little more.

In 2011, Mercosur implemented the Strategic Plan for Social Action (from the Spanish Plan Estratégico de Acción Social, PEA). This action plan has a social scope and aims to improve the conditions of citizens living in its member countries. This consists of ten areas of intervention:

• "Eradicating hunger, poverty and fighting social inequalities"

• "Guaranteeing human rights, humanitarian assistance and ethnic, racial and gender equality"

• "The universalization of public health"

• "Universalize education and eradicate illiteracy"

• "Valuing and promoting cultural diversity"

• "Ensuring productive inclusion"

• "Ensuring access to decent work and the right to social welfare"

• "Promoting environmental sustainability"

• "Ensuring social dialogue"

• "Establish regional cooperation mechanisms for the implementation and financing of social policies"

  
  

These goals illustrate the organization's commitment to action in a wide range of spheres that echo the United Nations' eight Millennium Development Goals (MDGs), which were established in 2000 and aimed to be achieved by 2015. The PEA established by Mercosur was also based on the UN's Sustainable Development Goals that were established in 2015. By aligning itself with the decisions of the UN, Mercosur has reaffirmed its willingness to engage in challenges that arise on a universal scale but in a way that focuses on its territory. The development of these fields of action has made it possible to guide the work of the various Mercosur technical commissions, particularly in the areas of health and social inequalities.

A Latin American platform to expand its international relations

Mercosur was created in such a way as to consolidate trade, political, social and cultural relations as well as the development of the economies of its member countries while being based on democratic values, including the defense of rights and freedoms.

However, although one of Mercosur's goals is to strengthen existing relations within its member countries, progress on a global scale can also be identified. The organization has developed trade relations with some of the world's largest powers, including the United States and China, which gives it even more visibility on a global scale and allows it to become a spokesperson for its member countries. Indeed, this organization has drawn up cooperation, trade and political agreements with many countries.

The Mercosur bloc maintains trade agreements, mainly with Latin American countries such as Cuba, Mexico and Chile (an associated country of the organization) but also with the Andean Community, made up of Bolivia, Ecuador, Colombia and Peru, i.e. an organization operating in the South American area and therefore closer from a geographical and cultural points of view.

Nevertheless, Mercosur has been able to negotiate many agreements with third countries and other international organizations in addition to Latin American countries. For example, in 2004 Mercosur signed a preferential trade Agreement with India. In 2007, a free trade agreement was signed with Israel and with Egypt in 2010. More recently, in 2019, an agreement was concluded with Brussels and with the European Union. However, this agreement has been delayed, pending ratification by all Member States (France, Belgium, the Netherlands, Austria and Ireland have not yet ratified). This has left room for China to sign bilateral agreements with Mercosur countries to increase trade in raw materials. As a result, a drop in trade between Mercosur and the European Union can be observed: since 2015, trade between the two organization has dropped by 25%. However, Mercosur's exports to China increased by 11 between 2000 and 2018[13].

In fact, China benefits from important bilateral agreements with Mercosur countries such as Brazil. It has an important impact on the European Union, which until now has been Mercosur's main trading partner: "Without a trade agreement, there is no platform for relations," according to the director of the International Business Institute at the Catholic University in Uruguay, Ignacio Bartesaghi[14]. As a result, the EU is losing weight, while China is benefiting from its gargantuan demand for raw materials and other commodities supplied by Mercosur countries. Chinese investments in the region are increasing, especially in Brazil and Argentina, and are even starting to go beyond basic goods. Mercosur members also seem to depend on China for the technology sector.

China is changing the usual US-Europe axis that was predominant in Latin America. China has so far been very present for the Mercosur countries and the South American region, thus penetrating strategic sectors, such as with the COVID-19 crisis and vaccines. Even if the agreement between the EU and Mercosur were to be ratified, it would be difficult to slow down the progress of relations with China or the rise of the latter, which is securing a very important place on the international scene thanks to this type of agreements.

Obstacles of the integration process

Asymmetry and tensions between member countries

Trade between member countries mainly involves Brazil, which has often been considered to be the leader of the organization, which has had the effect of placing it at the center of Mercosur and making Argentina, Paraguay and Uruguay more dependent on this member country than it is on the others. On  top of that, when Brazil enters a crisis or an economic recession, as it did in 2014 under the presidency of Dilma Rousseff, the organization tends to be paralyzed.

Paraguay and Uruguay are two small countries surrounded by the two large neighboring regional powers that represent the Mercosur pillars. From a historical point of view, Uruguay and Paraguay have often had to endure the rivalry between the two powers and have often served as a buffer state against the rivalry of Argentina and Brazil. From an economic point of view, Uruguay and Paraguay are rather dependent on the regional market. Because of their poor geographical position and their strong economic dependance on Argentina and Brazil, the two small states have no choice but to participate in the regional project for their survival. In fact, the Treaty of Asunción only formalized for the latter the important commercial relations they already had with their two neighbors. By joining Mercosur, the economies of Paraguay and Uruguay have become even more dependent on the regional market, which represents more than 50% of their exchanges in South America.

While the Uruguayan and Paraguayan economies are dependent on the regional economy, this is not the case for all the members of the alliance. Although the regional market has also become important for Brazil, only 13% of Brazilian exports go to Argentina and 4% to Uruguay and Paraguay. Thus, the economic relevance of Mercosur for Brazil is relative. In addition, Brazil has a much greater weight in Mercosur than some of its comrades, causing an imbalance. The country alone covers approximately 70% of the territory, 80% of the population (Mercosur has a population of 295,007[15] million and more than 200,000 of them are Brazilians[16]) and 60% of Mercosur's gross domestic product. Brazil has continental proportions and is an economic giant in the region.

It should also be noted that, although the organization promotes the equality of its member countries, Brazil and Argentina are at the forefront of the scene. The recent commitment of Argentina and Brazil to create a common regional currency for the bloc illustrates this point[17]. In January 2023, Presidents Fernández and Lula promised to create a new currency, the "sur" for the bloc to reduce the influence that the dollar can exert in commercial transactions, due to its status as an international currency. If the two presidents seem convinced of the benefits of this project, this desire shows the lack of consideration of the other member countries, Paraguay and Uruguay.

Although Mercosur has reached a certain level of regional integration, it should be remembered that this organization has not reached the level of European integration, one of the most successful organizations and one of the "model" organizations of Mercosur. Despite the difficulties encountered by the European Union on the economic or political level, the Mercosur bloc has still not managed to set up a common currency.

In addition, there is a significant problem in the functioning of the organization. The rules of the rotating presidency of the organization prevent the establishment of permanent and solid leadership. However, some heads of state have more weight than others. In addition, to foster a sense of unity, all decisions must be taken by consensus, which can lead to deadlocks when the interests of each member are opposed. Moreover, the Member States are part of other several economic alliances whose interest might be different than Mercosur own goals. As a result, the members of the South American alliance are struggling to put their national interests aside and seek the general interest of Mercosur.

One of Mercosur's weaknesses is the lack of consolidation and solidarity between the members who make up the alliance. Further proof of this is Uruguay which seems to be becoming more and more "independent" and seems to be moving away from the alliance. Indeed, this country has clearly expressed its frustrations due to the lack of cohesion of the organization, but above all is unhappy with the lack of willingness of the other members to liberalize Mercosur. The Uruguayan government even went further by announcing in 2020 its clear intention to conclude a bilateral agreement with China independently, which caused the indignation publicly expressed (through a joint statement on Twitter) of the other 3 members. Argentina's opposition was particularly strong, President Alberto Fernández, said in 2021, at the Mercosur summit, that Uruguay is free to leave the alliance if it wishes.[18] 

Difficult cooperation with other regional alliances

Although it has been created more than 32 years ago, Mercosur cannot boast of a great openness to the international markets. To date, there is no formal agreement in place between Mercosur and any other area of economic alliances, although there have been attempts.

Free Trade Area of the Americas (FTAA)

Shortly after the creation of NAFTA (North American Free Trade Agreement) in 1994, negotiations began for the establishment of a Free Trade Area of the Americas (FTAA) between the United States and 34 countries in North America, Central America and South America, with the exception of Cuba. The agreement had a deadline of 1 January 2005, but the decade-long negotiations were unsuccessful. The biggest resistance to the deal came from two Mercosur countries: Argentina and Brazil, although Venezuela and Bolivia also opposed it.

Like most other free trade agreements, the FTAA provided for the elimination of trade barriers and improved access to the various markets of the continent, for example by eliminating tariffs and other trade taxes[19].

Subsidies from the US government, particularly in the agricultural sector, as well as the desire to include rules on trade in services and intellectual property in the agreement were the main factors in Latin America's reluctance to join this zone, which ultimately never saw the light of day.

Draft agreement between Mercosur and the European Union

The project to establish a free trade area between Mercosur and the European Union, which has been under negotiation since 2000, was launched on 28 June 2019 with a political agreement between the European Commission and the 4 permanent members of Mercosur: Argentina, Brazil, Paraguay and Uruguay. The aim of this political agreement is to pave the way for an association agreement on trade, but also on political dialogue and cooperation.

The establishment of a free trade area presupposes the removal of barriers, both tariff and non-tariff. The importance of this project is attested by the fact that it would cover 91% of the trade between these two trade zones. More precisely, Mercosur would give free access to its market to 91% of the European Union's products, over a period of 10 to 15 years depending on the category of the different products. The European Union, for its part, would open the door to 92% of products from Mercosur, over a defined period of 10 years.

They have been forecasts of the impact that such an agreement would have on both organizations and its trade:

On the one hand, for the European Union, exports of dairy products would increase by more than 90% according to the most pessimistic scenarios, while the more optimistic scenarios predict an increase of 120%. In the alcoholic beverage sector, exports could increase by 36% to 38%. In addition, exports in the textile sector could rise from 331% to 424%. The European car industry could see its exports peak by up to 114%. Finally, the pharmaceutical and petrochemical industries could benefit from an increase of more than 50% in its exports. 

On the other hand, for Mercosur, this would also mean increases in its exports, even if smaller: experts predict an increase in dairy exports that could range from 18% to 165%. The alcoholic beverages sector would benefit from an increase of 28% to 35% in its exports to the old continent, and an increase from 32% to 36% for the textile sector. Finally, the car industry could see its exports rise up to 47%.[20]

Even though theoretically there is an agreement between the EU and Mercosur, the official text of the agreement has not yet been approved and signed. The process of signing and ratifying the agreement was slowed down in 2020 due to environmental concerns from many members of the European Union. Indeed, the obstacle to the ratification of the agreement lies with Brazil and its president Jair Bolsonaro, who was not sufficiently committed to solving the problem of fires and deforestation in the Amazon. Although Mercosur has indicated that it is ready to discuss more deeply on commitments to sustainable development, to date the EU has not given any new proposals to unblock the situation.

EFTA-Mercosur Free Trade Agreement

In recent years, Mercosur has come closer to reaching an agreement with a regional organization. On 23 August 2019 in Buenos Aires, Argentina, Mercosur concluded negotiations on a free trade agreement with the European Free Trade Association (EFTA), which currently has four members: Iceland, Liechtenstein, Norway and Switzerland.[21]

The agreement provides the EFTA countries with privileged access to the Mercosur market, with the removal of trade barriers, as well as an intensification of bilateral relations between the two areas.[22]

However, this agreement has not been ratified either. Several factors have contributed to the delay in its implementation. First, there is the pandemic which happened shortly after the conclusion of the negotiations. On the other hand, the legislative elections in 2021 in Argentina led to the establishment of a center-left government that was less enthusiastic about signing this agreement. Finally, the ecological pressure from the European Union on the Mercosur countries regarding the fight against deforestation in the Amazon also hindered the ratification of the agreement.

Conclusion

It is undeniable that Mercosur has reached part of the economic objectives for which its members founded the organization. Secondly, the alliance can also take credit for the progress it has made on the social front (one example is the Structural Convergence Fund).

Nevertheless, it is difficult to determine precisely what the future of Mercosur will be, but it is certain that it will have to face many internal problems. Although this alliance was formed with the intention of operating under the model of an economic, monetary and political union such as the EU, it is far from having achieved its goal.

Mercosur is attracting the interest of states that are now influential on the world stage, such as China. The latter has not managed to establish cooperative relations with the organization, so the Middle Kingdom has opted for a strategy aimed at taking advantage of the lack of consolidation of the organization's members and strengthening its commercial and political ties with each of the countries separately, causing the emergence of tensions between them, particularly between Argentina and Uruguay. Beyond that, the alliance proved unable to overcome the problems of asymmetry between its members and to establish real cooperation, which led to the suspension of some of its participating countries such as Venezuela. Other members, such as Uruguay, seem to be showing their annoyance and impatience with the organization’s bitter failures and the lack of economic consultation between member countries.

However, with the coming to power of Lula Da Silva in Brazil in 2022 could change the situation. Describing himself as more open to issues of regional integration and international cooperation, Lula could give Mercosur another direction. Unlike his predecessor, Jair Bolsonaro, the new Brazilian president is in favor of a rapprochement with the European Union.

[1] "By the way, what is Mercosur?", accessed on 29 March 2023,  https://www.lefigaro.fr/international/au-fait-c-est-quoi-le-mercosur-20190717.

[2] "Mercosur definition," accessed April 12, 2023,  https://www.glossaire-international.com/pages/tous-les-termes/mercosur.html.

[3] Vectors, « Sitio Oficial del MERCOSUR », MERCOSUR, consulté le 12 avril 2023,https://www.mercosur.int/ .

[4] "Mercosur definition," accessed April 12, 2023,  https://www.glossaire-international.com/pages/tous-les-termes/mercosur.html.

[5] Alessandra de Lima Neves, "The Common Market of the Southern Cone"

[6] "Non-tariff barrier", GEFCO, https://www.gefco.net/fr/glossaire/definition/barriere-non-tarifaire/.

[7] Vectors, « In a few words », MERCOSUR, consulted le 2 avril 2023,https://www.mercosur.int/quienes-somos/en-pocas-palabras/ .

[8] « How it works - MERCOSUR », consulted le 29 mars 2023,https://www.mercosur.int/quienes-somos/funcionamiento/ .

[9] Julian Dieguez, « Achievement 13: Increase in intra-zone trade », MERCOSUR, November 26, 2021, https://www.mercosur.int/logro-13-incremento-del-comercio-intrazona/.

[10] Vectors, « In a nutshell », MERCOSUR, accessed April 2, 2023, https://www.mercosur.int/quienes-somos/en-pocas-palabras/.

[11] Ibid

[12] Vectors, « In a nutshell », MERCOSUR, accessed April 2, 2023, https://www.mercosur.int/quienes-somos/en-pocas-palabras/.

[13] Babel Actu, "Europe loses Mercosur's challenge to China - Début Magazine", Babel Actu (blog), 2 June 2021,  https://fr.vogon.today/debut-magazine/leurope-perd-le-defi-du-mercosur-face-a-la-chine/2021/06/02/.

[14] Babel Actu, "Europe loses Mercosur's challenge to China - Début Magazine", Babel Actu (blog), 2 June 2021,  https://fr.vogon.today/debut-magazine/leurope-perd-le-defi-du-mercosur-face-a-la-chine/2021/06/02/.

[15] Vectors, « Sitio Oficial del MERCOSUR », MERCOSUR, consulté le 12 avril 2023,https://www.mercosur.int/ .

[16] "Brazil: Country Data and Statistics," DonnéesMondiales.com, accessed April 16, 2023,  https://www.donneesmondiales.com/amerique/bresil/index.php.

[17] This currency would only be used for commercial transactions.

[18] "South America: China sows discord in Mercosur", RFI, 21 July 2022,  https://www.rfi.fr/fr/am%C3%A9riques/20220721-am%C3%A9rique-du-sud-la-chine-s%C3%A8me-la-zizanie-au-mercosur.

[19] « The World’s Largest Trade Zone That Never Happened », The Balance, consulté le 12 avril 2023, https://www.thebalancemoney.com/ftaa-agreement-member-countries-pros-and-cons-3305577.

[20] « The obstacles of the agreement between Mercosur and the European Union ». n.d. Consulted le 12 avril 2023. https://forbes.co/2021/06/18/economia-y-finanzas/los-obstaculos-del-acuerdo-entre-mercosur-y-la-union-europea.

[21] "The European Free Trade Association", BEI.org, accessed 01 April 2023,  https://www.eib.org/fr/projects/regions/efta/index.htm.

[22] "EFTA-Mercosur Free Trade Agreement: Outcome of the Substantive Negotiations", accessed on 01 April 2023,  https://www.admin.ch/gov/fr/accueil/documentation/communiques.msg-id-76159.html.

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