The execution and corning into force of the Common Market of the South -hereinafter MERCOSUR -following the Treaty of Asunci6n, of 26 March 1991, between Argentina, Brazil, Paraguay and Uruguay, opened up a new trend in regional econornic integration and trade in the Southern Cone of the Americas. The transition period was completed as of 31 December 1994, according to the provision to that effect in the Asunci6n Treaty, while a new Protocol, signed in Ouro Preto, on 17 December 1994, opens up

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... erspectives towards the constitution and effective implementation of a full customs union within the next ten years, until 2006. Thereafter it remains, however, questionable whether and how far a full "common market" could be reached among the participant States. Still in evolution, the MERCOSUR is attracting attention both within and without, as evidenced by the Madrid Intraregional Agreement of 15 and 20 December 1995 between the European Union and the MERCOSUR as weil as by the applications by Chile and Bolivia eventually to become two new member States, while also a wider Free Trade Area in the Americas rnight have NAFTA in the North and the MERCOSUR in the South as its two hardcores. Interesting enough is the fact that, although internally not yet completed, the MERCOSUR is becorning more and more visible and relevant internationally. A truth which has become evident, since the early 90's is that, as an econornic block the MERCOSUR is inter nationally more visible than any of its member States. The present status of the MERCOSUR, however, although it has been showing itself econornically efficient remains legally provisional and may impair, due to so far remaining institutional lacunae, its sub sequent development.