Final answer:
Chile decided to become an associate member of Mercosur and participates in the free trade area aspect of Mercosur as well as the customs union.
Step-by-step explanation:
The statement is True. Chile decided to become only an associate member of Mercosur and participates in the free trade area aspect of Mercosur as well as the customs union.
Mercosur, also known as the Southern Cone Common Market, was created in 1991 and includes countries in South America. Full members of Mercosur include Argentina, Uruguay, Paraguay, and Brazil, while Chile is an associate member. As an associate member, Chile enjoys the benefits of the free trade area and customs union aspects of Mercosur, allowing for increased trade and economic cooperation with other member countries.