The southern common market (Mercosur)

Abstract

This chapter looks at various issues related to Mercosur. It evaluates some of its key characteristics and provides an outline of its historical background, internal structure and functioning. It takes the EU and NAFTA as points of reference where indispensable, since a conceptual comparison between a Mercosur-type free trade area and a NAFTA-type free trade area or an EU-model customs union may demonstrate the relative uniformity of these types of trading conglomerates but also their functional and taxonomic diversities. The second part of the chapter (Sects. 6.5-6.8) assesses Mercosur’s main achievements and shortcomings in the areas of socioeconomic cooperation and sub-regional integration. It also endeavours to assess Mercosur’s effectiveness in the achievement of its objectives and, where possible, will discuss, from an international legal perspective, the latest developments in Mercosur. Finally, it concludes with a summary and thesis of the chapter.