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Institutional Framework Of Mercosur And How The Mercosur Economic Integration Process Functions

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Chapter Summary

The original goal of MERCOSUR (Common Market of the South in English or MERCOSUL in Portuguese) was the creation of a common market between Argentina, Brazil, Paraguay, and Uruguay by January 1, 1995. The common external tariff (CET) was applied to only about 85 percent of the tariff lines found in the MERCOSUR nomenclature or harmonized tariff classification system (NCM). On February 18, 2002, the presidents and foreign ministers of the four MERCOSUR countries signed the Protocol of Olivos, which contains the new dispute resolution mechanism for MERCOSUR. Since January 1, 1995, the vast majority of goods that meet MERCOSURs rule of origin requirements have been traded among the four member states tariff free. The widespread disregard for the prohibition on the use of temporary admission and duty drawback on intra-MERCOSUR trade after 1995 eventually caused the Common Market Council to issue Decision 21/98 in December 1998.

Keywords: common external tariff (CET); Common Market of the South (MERCOSUR); harmonized tariff classification system (NCM)



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