However, Venezuela’s membership was suspended since 2016 due to its failure to comply with MERCOSUR’s democratic principles. Aside from its four founding countries, Venezuela and Bolivia have also joined this tariff union in 20, respectively. This bloc aims to accelerate sustained economic development based on social justice, environmental protection, and poverty reduction. It was established on 26 March 1991 with the Treaty of Assunción by Brazil, Argentina, Paraguay, and Uruguay. It is also one of the world’s leading economic blocs and the fifth largest economy. The MERCOSUR is one of the world’s fastest growing trading blocs with its four founding members generating 70% of South America’s GNP.
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