Mercosur

/ ˈmɜːkəˌsə /

noun

1. a trading block composed of Argentina, Brazil, Paraguay, Uruguay, and Venezuela, with associate members Bolivia, Chile, Colombia, Ecuador, and Peru; superceded in 2008 by the Union of South American Nations (Unasur or Unasul), by uniting with the Andean Community

Word History and Origins

Origin of Mercosur¹

C20: from Spanish Mercado Común del Cono Sur common market of the southern cone

Example Sentences

An agreement with South American trade block Mercosur has also just been concluded, Switzerland's longstanding trade deal with China is being upgraded, and free trade with the EU, the market for 50% of all Swiss export, remains intact.

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The European Commission proposed a regulation to support European farmers as part of the bloc’s Mercosur trade deal.

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Under the planned legal text, the commission will open an investigation if import prices on certain products from Mercosur are at least 10% lower than competing EU products, and there is either a more than 10% increase in annual imports of a product from Mercosur under the trade deal’s preferential terms or a 10% drop in that product’s import prices.

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“We believe that with this cast-iron legal guarantee, our farmers can now support the Mercosur deal with confidence, and we trust the co-legislators will now treat this proposal as a priority, so that the regulation can be adopted ahead of the signature of the EU-Mercosur agreement.”

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The move comes weeks after the commission outlined a formal trade deal with the Mercosur nations of Brazil, Argentina, Uruguay and Paraguay, which still has to be ratified by European Union member states.

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