Q. “MERCOSUR” often seen in news is related to which of the following?

[A] North America

[B] South America

[C] Asia

[D] Europe

Answer: B

Explanation: MERCOSUR is a full customs union and a trading bloc with members Argentina, Brazil, Paraguay, and Uruguay.

  • Venezuela was suspended from membership in 2016. Bolivia, Chile, Peru, Colombia, Ecuador, Guyana and Suriname are its associate members. Observer countries are New Zealand and Mexico.
  • Its purpose is to promote free trade and the fluid movement of goods, people, and currency.
  • India and the Mercosur bloc have stepped up efforts to expand their preferential trade agreement to make greater inroads into the other’s market.