Mercosur or Mercosul (Spanish: Mercado Común del Sur, Portuguese: Mercado Comum do Sul, English: Southern Common Market) is a trading zone among Brazil, Argentina, Uruguay and Paraguay, founded in 1991 by the Treaty of Asuncion, which was later amended and updated by the 1995 Treaty of Ouro Preto. Its purpose is to promote free trade and movement of goods and peoples, skills and money, between these countries. Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela have associate member status. See also: trade bloc