Some South Americans see Mercosur as giving the capability to combine resources to balance the activities of other global economic powers , especially the North American Free Trade Agreement ( NAFTA ) and the European Union . The organization could also potentially pre-empt the Free Trade Area of the Americas ( FTAA ) ; however , over half of the current Mercosur member countries rejected the FTAA proposal at the IV Cumbre de las Américas ( IV Summit of the Americas ) in Argentina in 2005
IV Summit of the Americas
4th Summit of the Americas
Mercosur