Mercosur: the Common Market of the Twenty-First Century?
GEORGIA JOURNAL OF INTERNATIONAL AND COMPARATIVE LAW VOLUME 32 2004 NUMBER 1 MERCOSUR: THE COMMON MARKET OF THE TWENTY-FIRST CENTURY? Rafael A. Porrata-Doria,Jr. * I. INTRODUCTION MERCOSUR, the "Common Market of the Southern Cone," was created in March 1990 by the Treaty of Asunci6n and was meant to create a common market among its four signatories (Argentina, Brazil, Paraguay, and Uruguay) by December 31, 1994.' This common market would include the graduated elimination of all customs duties among its signatories,2 the creation of a common external tariff, the adoption of a common trade policy,3 and the harmonization of economic policies The Treaty of Asunci6n, and its * Professor of Law, Temple University. J.D. 1977, Yale University; M.A., University of Pennsylvania; B.A. 1974, University of Pennsylvania. This Article, based substantially on research materials not available in English, is the first comprehensive description and evaluation of MERCOSUR in the English language. The author is a former consultant to the International Bank for Reconstruction and Development (World Bank) and was a mission participant and co- author of its study "Competition Policy and MERCOSUR" (1996). The author gratefully acknowledges the helpful comments of Marina Angel, Jeffrey Dunoff, and Henry Richardson. The author particularly appreciates the outstanding efforts of his principal research assistant, Julie Liebenberg, J.D. 2004, Temple University School of Law, and of his current research assistant, Suzette Sanders, J.D. expected 2005, Temple University School of Law. The information in this Article is current as of August 2003. ' Treaty of Asunci6n Establishing a Common Market among Argentina, Brazil, Paraguay, Uruguay, Mar.
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