Mercosur is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Brazil, Paraguay and Uruguay. Venezuela is a full member but has been suspended since December 1, 2016.
Mercosur economies have recently signaled a willingness to open to other markets, reaching a landmark trade deal with the European Union in 2019 after long-stalled negotiations. If ratified, it would be the largest free trade agreement in the world.