The
Treaty of Asunción was a treaty between the countries of
Argentina,
Brazil,
Paraguay, and
Uruguay signed on March 26, 1991. The objective of the treaty, signed in
Asunción, was to establish a common market among the participating countries, popularly called
Mercosur (Southern Common Market). Later, the
Treaty of Ouro Preto was signed to supplement the first treaty, establishing that the Treaty of Asunción was to be a legally and internationally recognized organization.