Treaty of Asunción
1991 treaty establishing a South American common market (Mercosur) / From Wikipedia, the free encyclopedia
The Treaty of Asunción was a treaty between the countries of Argentina, Brazil, Paraguay, and Uruguay signed on March 26, 1991. The objective of the treaty, signed in Asunción, was to establish a common market among the participating countries, popularly called Mercosur (Southern Common Market). Later, the Treaty of Ouro Preto was signed to supplement the first treaty, establishing that the Treaty of Asunción was to be a legally and internationally recognized organization.
The treaty defined a program of gradual elimination of import/export fees that would reach a free commerce zone by the end of 1994. Even though the dates of the program were not followed and the free zone was not yet reached, the treaty established the basis for the "Mercado Común del Sur" (Mercosur).