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Additional Protocol to the Treaty of Asunción on the Institutional Structure of Mercosur

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Additional Protocol to the Treaty of Asunción on the Institutional Structure of MERCOSUR
Protocol of Ouro Preto

* Date: December 17, 1994 * Number of Chapters and Articles: 12 Chapters and 53 Articles * Main Motive: To create an institutional structure for MERCOSUR
In this protocol, the institutional structure of the MERCOSUR was defined. Each article describes in detail the languages to be used, the various bodies, their roles and their objectives. The various bodies identified under this are: * Common Market Council: The CMC is comprised of the ministers of Foreign Affairs and of the Economy of the four countries. It is the highest-level organization in charge of MERCOSUR’s decision-making and it is responsible for overseeing compliance with the strategic objectives laid out in the Asunción Treaty and the Ouro Preto Protocol. The Council meets twice a year, in two-stage sessions: the first involves only the ministers that make up the CMC, and the second includes the presence of the countries’ presidents. In spite of being the highest-level organization, the Council has delegated many of its responsibilities to the Grupo Mercado Común (GMC, Common Market Group), thus diminishing its ability to generate policies and promote actions aimed at consolidating MERCOSUR. In practice, the Council’s meetings have had political importance in terms of setting grand directions and sending political signals within and outside of MERCOSUR.

* Common Market Group: The CMG is made up of four incumbent members and four alternates from each country, from the ministries of Foreign Affairs, Economy, and their respective Central Banks. It is an organization which is executive in nature, charged with regulating the decisions adopted by the Council and managing the proper functioning of the integration process. It is also the organization responsible for

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