Final answer:
The Commerce Commission of Mercosur manages trade policies and practices within the Southern Common Market, aiming to support regional economic growth and social welfare while maintaining local economic control.
Step-by-step explanation:
The Commerce Commission of Mercosur is tasked with overseeing and developing trade policies and practices for its member countries. Established in 1991 by Brazil, Argentina, Paraguay, and Uruguay, Mercosur, also known as the Southern Common Market (Mercado Común del Sur), aims to foster economic development, social justice, environmental protection, and poverty reduction within the region.
Additional countries like Venezuela and Bolivia joined Mercosur as full or associate members, although Venezuela's membership was suspended in 2017 for not adhering to democratic principles. Mercosur remains an influential trade association in South America, paralleled to other global trade agreements like NAFTA, CAFTA, and the European Union. It also contrasts with efforts by multinational corporations to create a Free Trade Area of the Americas (FTAA), indicating a preference within the bloc for more localized economic control.