Consider the following statements regarding MERCOSUR 1 Mercosur is South America 39 s leading ...........

International Affairs South America

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Consider the following statements regarding MERCOSUR:

1. Mercosur is South America's leading trading bloc.

2. Chile is not a member of Mercosur.

Which of the given above statement (s) is/ are correct?

1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

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Explanation:

First option is correct.

Mercosur is a custom union on South America. Its member countries are Argentina, Brazil, Paraguay, Uruguay and Venezuela. Its associate countries are Chile, Bolivia, Colombia, Ecuador and Peru. Observer countries are New Zealand and Mexico. Its purpose is to promote free trade and the fluid movement of goods, people, and currency.