Recently the Presidents of Argentina, Brazil, Paraguay and Uruguay, signed the Treaty of Asuncion aimed at creating a common market as from 1st January, 1995. This common market, MERCOSUR, will be completed by 2006. In this book, the first in a new series of books on International Economic Integration, the authors examine the experience of MERCOSUR in the Latin American integration progress. After an analysis of the history of the moves towards integration in South America, the case of each Member State and the Associate Country is examined and perspectives for the future are assessed.