Explanation: MERCOSUR: It is a full customs union and a trading bloc with members Argentina, Brazil, Paraguay, and Uruguay.

• Venezuela was suspended from membership in 2016. Bolivia, Chile, Peru, Colombia, Ecuador, Guyana and Suriname are its associate members. Observer countries are New Zealand and Mexico.
• Its purpose is to promote free trade and the fluid movement of goods, people, and currency.

Source: FORUMIAS