Mercosur founded by Uruguay
Founding
Mercosur was finally established in 1991 by the Treaty of Asunción, based on the Buenos Aires Act, the Treaty of Asunción defined rules and conditions for the creation of a free trade zone among its four signatories. Likewise, it was decided that all measures for the construction of the common market should be completed by 31 December 1994 with the amendment of the Treaty of Ouro Preto. In 2001, celebrating the 10th anniversary of the bloc's creation, the Mercosur flag was hoisted for the first time at Mercosur's headquarters in Montevideo.
The main implications of this free trade zone are: