On this day, 34 years ago, March 26, 1991 (February 11, 1991 in the lunar calendar), the Common Market of the Southern Cone was born. On March 26, 1991, the presidents of Argentina, Brazil, Uruguay and Paraguay signed the Treaty of Asunción in Asunción, the capital of Paraguay, and decided to establish the Common Market of the Southern Cone. The purpose of the treaty is to jointly seek solutions to economic difficulties and follow the path of common poverty alleviation. The treaty provides for the gradual elimination of tariff and non-tariff barriers between member states and the free flow of goods, services and production factors by December 31, 1994; Coordinate among countries at regional and international economic conferences, coordinate macroeconomic policies and economic legislation, adopt common trade policies, etc. The highest body of MERCOSUR is the Council composed of the Ministers of Foreign Affairs and Economy of member states, and the Administrative Secretariat is located in Mongolia. The Southern Cone refers to the southern region of Latin America. In addition to four countries, it also includes Chile, Peru, Ecuador, Bolivia and other countries. These eight countries extend from north to south to form a cone, so they are called the Southern Cone. The Common Market of the Southern Cone includes 59% of the total area of Latin America and 44% of the total population. The GDP of the four countries accounts for 51% of Latin America's GDP, so it contains huge economic potential.