Final answer:
The "Common Market of the South" in Latin America is used to describe Mercosur, a trade association established in 1991.
Step-by-step explanation:
The "Common Market of the South" in Latin America is used to describe Mercosur. Mercosur is a trade association established in 1991 by Brazil, Argentina, Paraguay, and Uruguay. It aims to promote economic development, social justice, environmental protection, and poverty reduction in the region.