The EU is already Mercosur`s largest trading partner and last year accounted for 20.1% of the bloc`s trade with products such as food, beverages, agricultural products and tobacco. EU exports account for only 2.3% of the bloc`s total market and tariffs on EU products can reach 35% for cars and clothing. Mercosur (in Spanish), Mercosul (in Portuguese) or Ñemby Ñemuha (on Guarani), officially the South of the Common Market, is a South American trading bloc created in 1991 by the Treaty of Asunción and by the Protocol of Ouro Preto in 1994. Its full members are Argentina, Brazil, Paraguay and Uruguay. Venezuela is a full member, but suspended since December 1, 2016. The associated countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru and Suriname.  Products produced or marketed in the free trade areas of each Member State are eligible for protection where this leads to an increase in imports, which may, however, cause damage or imminent damage to the importing country. In addition, the Committee on Trade should decide on the issues raised by Member States concerning the application and enforcement of common customs duties at sea and other instruments of the common commercial policy. The Commission shall meet at least once a month, as well as at the request of the Mercosur executive agency or of a Member State.
The Commission may take decisions concerning the management and implementation of commercial decisions adopted within the framework of the common market of the South and, where appropriate, submit to the executive body proposals to regulate the territories submitted to it; In addition, it may propose new guidelines or amend existing Mercosur trade and customs guidelines. In this context, the Committee on Trade may propose an amendment to the import duty on certain products within the framework of the common external customs duties, including cases relating to the development of new Mercosur production activities. In order to better achieve its objectives, the Trade Commission may set up technical committees to direct and control the work it carries out. It may also adopt internal operating rules. The proposals and decisions of the Trade Commission shall be taken by consensus by the representatives designated by each Member State. All disputes arising from the application, interpretation or compliance with the acts adopted by the Trade Commission are referred to the executive body of Mercosur and should be settled by means of the guidelines of the dispute settlement system of the Common Market of the South. Since joining Mercosur, Venezuela had not respected many of the group`s trade rules. In late 2016, Mercosur suspended Venezuela citing violations of the Bloc`s human rights and trade rules by the government of President Nicolas Maduro.
In August 2017, the group suspended Venezuela indefinitely. And in 2019, Argentina, Brazil and Paraguay asked Maduro to cede power to the Venezuelan opposition. The concept of investment encompasses all types of assets, such as movable or immovable property, such as rights in rem and rights of guarantee in rem; shares, shareholdings and any other type of participation in the undertaking; credit instruments and rights likely to have economic value; intellectual property or material rights, including copyright and industrial property rights such as patents, industrial designs, trademarks, trade names, technical processes, know-how and goodwill; Economic concessions under public law such as research, cultivation, exploitation or concessions for the exploration of natural resources. Venezuela`s history in Mercosur began on December 16, 2003, at a Mercosur summit in Montevideo, when the Mercosur Economic Complement Agreement with Colombia, Ecuador and Venezuela was signed. . . .