Context:
Paraguay President Pushes For Expansion Of India-Mercosur Trade Deal During State Visit
MERCOSUR:
- Stands for: Southern Common Market (MERCOSUR)
- Established: 1991, via the Treaty of Asunción
- Objective: To promote free movement of goods, services, capital, and people among member countries.
- Founding Members: Argentina, Brazil, Paraguay, Uruguay
- Later Additions: Bolivia and Venezuela (Venezuela suspended since Dec 1, 2016)
- Associate Members: Chile, Colombia, Ecuador, Guyana, Peru, Suriname
- Headquarters: Montevideo, Uruguay
- Official Languages: Spanish and Portuguese
- Governing Body: Common Market Council (Foreign & Economic Ministers of Member States)
- Decision Process: Consensus-based
- Presidency Rotation: Every 6 months among full members
- Economic Ranking: 4th largest integrated market (after EU, NAFTA, and ASEAN)
- India-MERCOSUR Trade Agreement: Preferential Trade Agreement (PTA) signed in 2004.
Source: Outlook
Previous Year Question
Consider the following countries:
1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA
Which of the above are among the ‘free-trade partners’ of ASEAN?
[UPSC Civil Services Exam – 2018 Prelims]
(a) 1, 2, 4 and 5
(b) 3, 4, 5 and 6
(c) 1, 3, 4 and 5
(d) 2, 3, 4 and 6
Answer: (c)