Common-Market-Group
The Mercosur Common Market Group (Grupo Mercado Común, GMC) is one of the principal organs of the Mercosur, a regional integration process established by the Treaty of Asunción in 1991. This group plays a pivotal role in the decision-making process of Mercosur, which aims to promote free trade and the fluid movement of goods, people, and currency among its member countries.
History
- The Common Market Group was formed as part of the organizational structure of Mercosur when the treaty was signed by Argentina, Brazil, Paraguay, and Uruguay on March 26, 1991.
- The GMC was officially constituted to oversee the implementation of the common market policies, manage trade disputes, and facilitate the convergence of member states' economic policies.
- Venezuela was admitted as a full member in 2012, although its membership has since been suspended due to political issues.
Functions and Responsibilities
- Policy Formulation: The GMC is responsible for formulating the policies required to establish a common market among the member states. This includes the harmonization of macroeconomic policies, the elimination of internal trade barriers, and the coordination of external tariffs.
- Trade Dispute Resolution: It serves as a platform for resolving trade disputes among member countries. This helps in maintaining stability and mutual trust within the bloc.
- Implementation of Agreements: The GMC oversees the implementation of the agreements and decisions made by the Mercosur Council, which is the highest decision-making body of the organization.
- Coordination with Other Bodies: The group interacts with other Mercosur bodies like the Mercosur Parliament, the Joint Parliamentary Commission, and the Economic-Social Consultative Forum to ensure coordinated policy development.
Structure
- The GMC consists of four members from each state party, typically including representatives from Ministries of Foreign Affairs, Economic Affairs, and other relevant sectors.
- Meetings are held regularly, with each country taking turns to host the sessions.
- The group works through various sub-groups and technical committees that focus on specific areas like industry, agriculture, transportation, and customs.
Recent Developments
- Recent efforts have been directed towards deepening economic integration, addressing trade imbalances, and enhancing the infrastructure for trade facilitation.
- The group has also been involved in negotiations for trade agreements with other countries or blocs, like the European Union, to expand Mercosur's trade network.
External Links
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