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Mercosur, the South American trade bloc, turned 30 years old recently. Its biggest member, Brazil is increasingly frustrated with rules of the customs union. Brazil
"Mercosur, the South American trade bloc, turned 30 years old recently. Its biggest member, Brazil is increasingly frustrated with rules of the customs union. Brazil wants to reduce Mercosur's common external tariff and is not happy with the obligation to negotiate free trade agreements in bloc." Explain the role of common external tariffs on custom unions and relate it to the need to negotiate in bloc any free trade agreements.
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