Union of South American Nations - UNASUR - Arbitration
UNASUR is a merger of two precursor South American tradings blocs, MERCOSUR & the Andean Community and is a concept modeled on the European Union. Aspiring to eventually create a common currency, passport and parliament by approxiamatley 2019.
The UNASUR Constitutive Treaty was signed on May 23, 2008, at the Third Summit of Heads of State, held in Brasília, Brazil. According to the Constitutive Treaty, the Union's headquarters will be located in Quito, Ecuador. The South American Parliament will be located in Cochabamba, Bolivia, while the headquarters of its bank, the Bank of the South are to be located in Caracas, Venezuela, with offices in La Paz (Bolivia) and Buenos Aires (Argentina). The Bank of the South is intended to be a credit instution with a simlar functional role as that of the World Bank.
UNASUR is currently working on creating a South American Energy Treaty to guarantee South American countires energy, oil, gas and petrochemical products. UNASUR is also considering creating a regional alternative to the International Monetary Fund (IMF) to be known as the Bank of the South. Brazil has conceived of eventually forming a South American security council.
UNASUR has an elected Secretary General that serves a two year term.
UNASUR officially became a legal entity on 11 March 2011 when the UNASUR Constitutive Treaty entered into force.
UNASUR has 12 members:
- Argentina (MEROCOSUR Member)
- Bolivia (Andean Community of Nations Member)
- Brazil (MERCOSUR Member)
- Chile (Associate MEROCSUR Member & Associate Andean Community of Nations Member)
- Colombia (Andean Community of Nations Member)
- Ecuador (Andean Community of Nations Member)
- Paraguay (MERCOSUR Member)
- Peru (Andean Community of Nations Member)
- Uruguay (MERCOSUR Member)
and 2 observers:
UNASUR applies to some non-South American geographic territories:
- Easter Island (Rapa Nui), a Chilean territory situated in Oceania
- San Andrés y Providencia, a Colombian territory situated in Central America
- Isla Aves, a Venezuelan territory situated in the Antilles
- Argentine and Chilean Antarctic bases in their Antarctic territorial claims
UNASUR will not apply to the following South American States & Territories:
UNASUR will not apply to the following parts of South America as they are territories of non-South American states:
- French Guiana, which is an overseas department of France and is therefore part of the European Union
- The Falkland Islands, which is an overseas territories of the United Kingdom though claimed by Argentina.
UNASUR Permanent Secratariat Address: Edificio Río Amazonas, Av. Amazonas 477 y Roca 5to piso - Quito, Ecuador
UNASUR Fax# (5932)250 2770 / 256 4939