MERCOSUR Suspends Venezuela

2019 ias preliminary exam test series

South American nations have suspended Venezuela from the Mercosur trade group over its failure to comply with its commitments when it joined the group in 2012.

According to them, Venezuela had failed to meet a Dec. 1 deadline to adopt certain standards required for membership.

Mercosur accepted Venezuela as a member when South America was dominated by Leftist governments in an effort to link the region’s biggest agricultural and energy markets.


Mercosur is a sub-regional bloc. Its full members are Argentina, Brazil, Paraguay and Uruguay.

Its associate countries are Bolivia, Chile, Peru, Colombia, Ecuador and Suriname.

Observer countries are New Zealand and Mexico.

Its purpose is to promote free trade and the fluid movement of goods, people, and currency.

The official languages are Spanish, Portuguese and Guarani.

It has been updated, amended, and changed many times since. It is now a full customs union and a trading bloc.

Mercosur and the Andean Community of Nations are customs unions that are components of a continuing process of South American integration connected to the Union of South American Nations.

Current Affairs for IAS Exam