Argentina, along with Brazil, Paraguay and Uruguay, are founding member nations of Mercosur, an economic and political alliance in Latin America. Venezuela became the latest addition to the coalition, becoming a full-pledged member in 2012. Argentina was also named by former President Bill Clinton as a Major Non-NATO Ally of the United States in 1998.
Argentina and other Mercosur members have adopted policies, trade agreements and tariff regulations that encourage the emergence of a common market in the Latin American region. The Mercosur Parliament, called Parlasur, serves as the political body of the organization.
As a member of MNNA, Argentina receive certain benefits from the U.S., which include U.S. support in terms of defense initiatives, priority for the acquisition of military equipment and foreign military economic assistance.