This was moved to Vienna, Austria, on September 1, OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
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July Mercosur Parliament. As provided for in this Treaty, before establishing the common market the member nations must call a special meeting to determine the definitive institutional structure for the public agencies managing Mercosur, as well as define the specific functions of each agency and the decision making process.
Common Market Council[ edit ] The Council is the highest-level agency of Mercosur with the authority to conduct its policy, and responsibility for compliance with the objects and time frames set forth in the Asuncion Treaty.
The Council is composed of the Ministers of Foreign Affairs and the Economy or the equivalent of all five countries. Member states preside over the Council in rotating alphabetical order, for six-month periods. Council members shall meet whenever necessary, but at least once a year.
The presidents of the member nations shall partake of the annual Common Market Council meeting whenever possible.
Council decisions shall be made by consensus, with representation of all member states. Common Market Group[ edit ] Mercosur reunion in Cordoba The Group is the executive body of Mercosur, and is coordinated by the Ministries of Foreign Affairs of the member states.
Its basic duties are to cause compliance with the Asuncion Treaty and to take resolutions required for implementation of Macroeconomic objectives decisions made by the Council.
Furthermore, it can initiate practical measures for trade opening, coordination of macroeconomic policies, and negotiation of agreements Macroeconomic objectives nonmember states and international agencies, participating when need be in resolution of controversies under Mercosur.
It has the authority to organize, coordinate and supervise Work Subgroups and to call special meetings to deal with issues of interest. The Common Market Group shall be made up of four permanent Macroeconomic objectives and four alternates from each member state, representing the following public agencies: The members of the Common Market Group appointed by a given member state will constitute the National Section of the Common Market Group for that particular nation.
The Common Market Group will meet ordinarily at least once every quarter in the member states, in rotating alphabetical order. Special meetings may be freely called at any time, at any previously scheduled place.
The meetings will be coordinated by the Head of the Delegation of the host member state. Common Market Group decisions shall be made by consensus, with the representation of all member states.
The official Mercosur languages will be Portuguese and Spanish, and the official version of all work papers will be prepared in the language of the country hosting the meeting.
Administrative and socioeconomic[ edit ] The Administrative Office will keep documents and issue the Mercosur official bulletin in both Portuguese and Spanish, and will also be charged with communicating the activities of the Common Market Group so as to allow for the maximum disclosure of decisions and the relevant documentation.
The Socioeconomic Advisory Forum is consultative by nature, and represents the various socioeconomic sectors of the member nations. Work subgroups[ edit ] Directly subordinated to the Common Market Group, the Work Subgroups draw up the minutes of the decisions to submit for the consideration of the Council, and conduct studies on specific Mercosur concerns.
The work subgroups are the following: The meetings of the Work subgroups will be held quarterly, alternating in every member state, in alphabetical order, or at the Common Market Group Administrative Office.
Activities will be carried out by the Work Subgroups in two stages: In the preparatory stage, the members of the Work Subgroups may request the participation of representatives from the private sector of each member state.
The decision-making stage is reserved exclusively for official representatives of the member states. The delegations of representatives from the private sector in the preparatory stage of the Work Subgroup activities will have a maximum of three representatives for each member state directly involved in any of the stages of the production, distribution or consumption process for the products that fall within the scope of the subgroup's activities.
The Committee will have both an advisory and decision-making nature; with powers to submit proposals as well. It will be competent, inter alia, to: The Committee will be composed of a maximum of 64 acting parliamentary members, 16 per member state, and an equal number of alternates, appointed by the Congress to which they pertain, and with a term of office of at least two years.
The meetings shall be conducted by a directors' board consisting of four presidents one for each member state. The Committee will ordinarily meet twice a year, and extraordinarily whenever summoned by any of its five presidents. Meetings are held in the territory of each member state on a successive and alternating basis.
Meetings of the Joint Parliamentary Committee will only be valid when attended by parliamentary delegations from all member states.
Decisions by the Joint Parliamentary Committee will be made by consensus vote of the majority of the members accredited by the respective Congresses of each member state.
Portuguese and Spanish are the official languages of the Joint Parliamentary Committee. The Trade Commission will assist the Mercosur executive body, always striving to apply the instruments of common trade policy agreed to by the member states for operation of the customs unification.
The commission should also follow up on the development of issues and matters related to common trade policies, the intra-Mercosur trade and trade with other countries.
The Commission will have five actual members and four alternates, with each member nation's indicating a member. The Trade Commission shall exert every effort to apply common trade policy instruments such as:Learning Outcomes Macroeconomic objectives – Low unemployment Subject vocabulary unemployment occurs when there are people actively looking for work at the.
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