pre-existing bilateral commercial agreements. Around mid-1990, representatives of both countries met with authorities of Uruguay and Paraguay. It was then that these two countries expressed their firm aspiration to take part in the bilateral process already underway. At this point it was decided that an agreement among all four countries to create a common market should be signed.On March 26, 1991 the Treaty of Asuncin was signed by the four countries. This Treaty should not be seen as the final creation treaty of the Common Market of the South, but as an instrument, of international character, intended to make the implementation of the Common Market possible.The Treaty of Asuncin is an economic integration agreement with regional vocation, which remains open to the accession of the other ALADI members.By virtue of what is established in Article 10 of Annex I of the Treaty of Asuncin, on November 29, 1991, the four countries signed an Agreement of Economic Cooperation under the legal framework of ALADI. It bears number 18, and entered into force on that date.In December 1994 an additional Protocol to the Asuncin Treaty was signed in relation to the institutional structure of Mercosur and called the Ouro Preto Protocol.Principal indicators of MERCOSUR members (as of 1993) ArgentinaBrazilParaguayUruguayPopulation (in millions)32.6147.34.32.9Land Area (thousands of km2)2.767.08.512.0407.0177.5GNP (thousands of $US)255.326413.1227.00513.144Per capita GNP ($US)7.8322.8051.6294.532Foreign TradeExports13.09139.1017251.647Imports16.78725.6951.4782.249Balance(3.696)13.406(753)(602)Source: Our own, based on data from Working Subgroup No. 10 (Basic Macroeconomic Indicators) and MERCOSUR, Statistical Report, volume 1, 199314. Can Uruguay leave MERCOSUR? Legally, there are no impediments, and the Treaty of Asuncin anticipates that any of the Member States may desire to pull out of the treaty.Politically, leaving MERCOSUR would bring about significan...
