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Shawn Abrahim Internal Assessment- Economics Coursework Chile - Almost a member of the Mercosur Club GDP is a popular measure that gauges the total amount of goods and services produced in a country annually. Chile is enormously dependant on trade, which makes up approximately 87% of its GDP. The economic benefits of joining Mercosur would be outstanding. Mercosur is a customs market comprised of Brazil, Uruguay, Paraguay and Argentina. It is the third largest trading bloc in the world with a market of $1.1trillion (U.S) and 220 million consumers. Members of a customs market have no trade barriers, such as tariffs, amongst themselves. Tariffs, which are payments to the domestic government imposed on foreign imports, restrict the free flow of trade across borders. Customs markets have no restrictions on labour or capital movement amongst themselves. Mercosur hopes to have a common trade policy for non-members, each member country will charge similar tariffs etc,...

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