Chile which is already an associate member is going to become a full-fledged member in the next few months. Bolivia is an associate member. This is the largest regional market in Latin America with a population of 230 million and a GDP of one trillion US dollars. Founded in 1991 it achieved a Customs Union by 1995. The intra Mercosur trade which was 4 billion US dollars in 1991 has reached about 22 billion dollars in the year 2000.
Goods move freely among the member countries.
Movement of services and people are being liberalised. There is even talk of a common citizenship and common currency. Although these are long shots, the direction of Mercosur is clear. It is emulating the European Union which is the role model. Mercosur has become a force to reckon with.