INTERNATIONAL BODIES AND GROUPINGS :- MERCOSUR : ALL YOU NEED TO KNOW

                                                   
                           MERCOSUR

Full Time Members:-
Argentina,
Brazil,
Paraguay,
Uruguay and
Venezuela (which was suspended on December 1, 2016).

Why Venezuela Was Recently suspended ?? : Because it Failed to comply with the Democratic Principles.




READ MORE ABOUT WHY VENEZUELA WAS SUSPENDED HERE

***The Above Fact can be a Probable Question ***

Its associate countries are 
Bolivia,
Chile,
Peru,
Colombia,
Ecuador and
Suriname.

Observer countries are
New Zealand and
Mexico.


Its purpose is to promote free trade and the fluid movement of goods, people, and currency.
It is now a full customs union and a trading bloc.
Few Questions Which You Will Tell:
What is a Customs Union and How is it different from a Common Market??

Mercosur was established in 1991 by the Treaty of Asunción, which was later amended and updated by the 1994 Treaty of Ouro Preto.

MERCOSUR AND INDIA:
 
Recently India has started showing interest in the Latin America, because of which MERCOSUR becomes very Important.

Also In the IBSA (India Brazil South Africa) meet 2017 India is going to have a voice for much deeper South-South Cooperation.

India will try to Join Hands with MERCOSUR and SACU.

Why They are important for India:
1)Resource-Rich Countries
2)Market Opportunities for India
3)India can show path to BRAZIL whose Economy and Polity is dwindling and hence can strengthen its voice for UNSC Membership.

So If you know all the above Points You can tackle any Prelims Question Related to This International Group.

I have also given you enough Points about India's Policy towards MERCOSUR and How will this block help India.

So lets Wait and Watch how the events unfold. Till then keep an eye on this group.

THANK YOU AND HAVE A NICE DAY !!