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Benefits and drawbacks for the country of Venezuela as a result of their membership in MERCOSUR

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Business: Software Services
Benefits and drawbacks for the country of Venezuela as a result of their membership in
MERCOSUR
MERCOSUR: In English, Mercosur means Southern Common Market.Mercosur is a
Regional Trade Agreement among Argentina, Brazil, Paraguay and Uruguay. It was founded in
1991 and later updated in 1994. Purpose of founding Mercosur is to promote free trade. Four
countries of Mercosur had combined population of 200 million and GDP of $851 billion (in
1991). After NAFTA(North American Free Trade Agreement) and European Union,Mercosur
has highest capability to combine resources and influence international trade.
Venezuela applied for membership of Mercosur. Venezuela was upgraded from associate
to full member at Mercosurs 29th summit meeting in 2005. Mercosurs four founding members
are Argentina, Brazil, Paraguay and Uruguay and associate members are Bolivia, Chile,
Colombia, Ecuador and Peru.
Benefits for venezuela as a result of membership in MERCOSUR: Mercosur provides
free trade area and enables free goods and currency movement among member countries.
Mercosur represents more than $1.3 trillion GDP of member nations and $2.1 trillion GDP of
associate nations and associated nations with $2.1 trillion GDP.Member countries of Mercosur
are commited to have common macroeconomic policy and foreign trade policy. Venezuela has
huge oil reserve. Historicaly Oil industry has been focus of economic policies of Venezuela and
government has concentrated on Oil industry. Other social reforms and industries went on back

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