1 The Common Market of the South (‘Mercosur’) was established by the Treaty of Asunción on the Institutional Structure of MERCOSUR, 1991 (‘Treaty of Asunción’). Instead of creating a regional court for Mercosur, Annex III of the Treaty of Asunción’ established a non-coercive and diplomatic dispute settlement system. Disputes were to be solved, in the first place, by direct negotiations between interested States. If negotiations did not result in an agreement, the next step would be a consensus-based recommendation of the Common Market Group (‘CMG’), the Mercosur...
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