The following year, Bolivia and Chile acquired membership status. As of 1 January 1995, this area became a customs union, in which all signatories could charge the same quotas on imports from other countries (common external tariff). Initially a free trade zone was established, in which the signatory countries would not tax or restrict each other's imports. Paraguay and Uruguay joined the process and the four countries became signatories to the Treaty of Asunción (1991), which established the Southern Common Market, a trade alliance aimed at boosting the regional economy, moving goods, people among themselves, workforce and capital. The Integration, Cooperation and Development Treaty, signed between both countries in 1988, set the goal of establishing a common market, which other Latin American countries could join. At the time, Argentina and Brazil made progress in the matter, signing the Iguaçu Declaration (1985), which established a bilateral commission, which was followed by a series of trade agreements the following year. Mercosur's origins are linked to the discussions for the constitution of a regional economic market for Latin America, which go back to the treaty that established the Latin American Free Trade Association in 1960, which was succeeded by the Latin American Integration Association in the 1980s. Associate countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname. Venezuela is a full member but has been suspended since 1 December 2016. Its full members are Argentina, Brazil, Paraguay, and Uruguay. The Southern Common Market, commonly known by Spanish abbreviation Mercosur, and Portuguese Mercosul, is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Considering Mercosur as a single entity.
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