What is Mercosur?

Mercosur is a trade bloc formed out of multiple countries in South America. The bloc originated in 1991, after several South American countries signed the Treaty of Asuncion, in Asuncion, Paraguay. Advocates for the treaty wished to create a South American common market, and initiate a great degree of free trade among the member countries. The current members of the bloc are Brazil, Uruguay, Paraguay, and Argentina. Venezuela was a member for most of the bloc's existence, but was suspended in 2016. The countries of Ecuador, Peru, Bolivia, Chile, Colombia, and Suriname are listed as associate countries, while Mexico and New Zealand have observer status.