Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Surinam, Uruguay, and Venezuela make up the UNASUR consensus process. Following the signing of the Constitutive Treaty for the Union of South American Nations on May 23, 2008, it was founded in Brasilia. After being ratified and deposited by nine of the signatory governments, it came into effect on March 11, 2011.
Purpose
Its goal is to create a venue for discussion on political, social, economic, environmental, and infrastructure challenges in South America. Based on a sub-regional viewpoint and in line with past regional integration experiences, this will strengthen South America’s identity and strengthen Latin America and the Caribbean, giving the area more clout and representation in international fora.
Cusco declaration
In May 2008 in Brasilia, the presidents of South America came together for a special summit to sign the UNASUR Constitutive Treaty. The conference of South American chiefs of the state that took place in Brasilia on May 23, 2008, established the total integration between the Andean Community and the Mercosur countries. Twelve South American countries signed the Cuzco Declaration in 2004, a two-page declaration of intent that announced the formation of the “South American Community of Nations” at the time. Mexico and Panama were in attendance as observers. The leaders declared their plan to style the new society after the European Union, complete with a common passport, a parliament, and eventually a single currency.
Current members and observers
4 members: Bolivia, Guyana, Suriname, and Venezuela. 2 observers: Mexico and Panama
Union of South American Nations Constitutive treaty
On May 23, 2008, at the Third Summit of Heads of State held in Brasilia, Brazil, the UNASUR Constitutive Treaty was signed. The Constitutive Treaty specifies that Quito, Ecuador shall serve as the Union’s administrative center. Uruguay became the ninth nation to ratify the UNASUR treaty on December 1, 2010, giving the union full legal status. On March 11, 2011, the Constitutive Treaty came into effect, and at a meeting of foreign ministers in Mitad del Mundo, Ecuador, where they had also placed the cornerstone for the Secretariat Headquarters, UNASUR officially became a legal organization.
Economy
The economy of UNASUR is split between mining in the Amazon region and agriculture, which is practiced in almost all of its States. In many different locations, industrialization ranges from medium to high, notwithstanding the substantial existence of regional industries of origin. Venezuela, which has the greatest reserves in the world, is known for its oil extraction and exportation. Bolivia stands out for its natural gas production, having significant reserves that, in recent years, have sparked the so-called “Gas War.” Venezuela, which ranks 62 globally, has the greatest nominal GDP in 2018 with 96,328 billion dollars, followed by Bolivia, which ranks 92 globally with 41,833 billion dollars. Venezuela, which ranks 52nd globally, has the largest GDP in 2018 with 330,984 billion dollars, followed by Bolivia, which ranks 88th globally with 88,866 billion dollars. Suriname now has the highest GDP per capita in 2018 with 13,876, followed by Venezuela with 12,388. Venezuela and Suriname are in first and second place, respectively, in terms of nominal per capita GDP, each with US$6,890.
Monetary policy
The Bank of the South will set monetary policy and provide funding for development initiatives. The creation of a single South American currency is one of the goals of the monetary union. Alan Garca, the president of Peru, endorsed the development of this currency in January 2007. The unified currency was supported by other South American authorities.
People’s ability to move freely
Citizens of UNASUR may visit any other UNASUR member state for up to 90 days with just an identity card issued by their home nation. The elimination of visa restrictions for travelers between any of these countries was reached by Uruguay, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, and Bolivia in November 2006. Except for nationality, Mercosur’s associate members of Bolivia, Chile, Colombia, and Ecuador have all agreed that their territories collectively constitute a region of free residence and the right to labor for all their residents. The Brasilia Summit created the Free Movement and Residence Agreement based on a prior agreement reached on December 6, 2002.
Withdrawal from the organization
Argentina, Brazil, Chile, Colombia, Paraguay, Peru, and six other nations suspended their membership in the organization in April 2018. In August of that same year, Colombia announced its withdrawal from the group. Brazil’s president, Jair Bolsonaro, declared the country’s decision to leave the group in March 2019. Ecuador decided to leave the group officially on March 13th, 2019. A new organization, PROSUR, has been advanced in January 2019 in response to growing unease regarding Nicolás Maduro of Venezuela. PROSUR seeks to counteract the influence of what countries in the region refer to as a dictatorship in Venezuela. On March 22, 2019, a summit in Chile to organize PROSUR took place without Venezuela. Invited to join the new regional alliance were Argentina, Brazil, Bolivia, Colombia, Chile, Ecuador, Uruguay, Paraguay, Peru, Guyana, and Suriname. Uruguay formally announced its exit from the group on March 10, 2020.
