Characteristics of the Institutional Structure and legal Nature of Mercosur

Abstract

This article examines and analyzes the motives that have become the driving force behind economic integration known as MERCOSUR (Southern Common Market), which is a regional trading bloc with an economic, political and social integration project for Latin America. The article examines the prerequisites for economic integration between the countries of Latin America and its features. Special emphasis is placed on the structure of the Southern Common Market, the main areas of activity and the legal aspect of the functioning of internal institutions and decision-making process. For this, more attention is paid to several documents. First of all, this is the Treaty of Asunción, which Argentina, Brazil, Paraguay and Uruguay signed in 1991, thus creating MERCOSUR. Additionally, author investigated the subsequent the Protocol of OuroPreto, which was signed in 1994 and laid the institutional foundation for the Southern Common Market.

The author came to the conclusion that the application of the MERCOSUR law is one of the main problems of this integration project due to the legal nuances of each MERCOSUR member country. Also, the lack of supranational institutions of MERCOSUR, which are entrusted with the supervision of the observance of the MERCOSUR law, can be ranked among the main gaps in the legal status of the Southern Common Market.