UPSC CDS GS Economy Questions Part 2

Chile is not a member of MERCOSUR (Southern Common Market). Technically, Chile is an associate member while others are permanent members. So, the fourth option is most appropriate. It was established by the Treaty of Asuncion in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Brazil, Paraguay and Uruguay. Venezuela is a full member but has been suspended since December 1, 2016. Associate countries are Bolivia, Chile, Peru, Colombia, Ecuador and Suriname. Observer countries are New Zealand and Mexico.