b'9. What do other free trade areas do in relation to regulation?The key fact about the following trade areas is that they maintain a flow of services through mutual recognition without being part of an EU- like political union. Single Market access, and the regulatory process, that comes with it are not necessary for reciprocal benefits in trade.9.1. MERCOSUR: Southern Common Market MERCOSUR is a trading bloc that comprises,MERCOSUR has also achieved a system as full members, Argentina, Brazil, Paraguayof mutual recognition of academic degrees and Uruguay (Venezuelas membership hasto facilitate the movement of services. This been suspended since December 2016).system of mutual recognition of academic Its associate countries are Chile, Guyana,degrees is made by harmonisation and Bolivia, Colombia, Ecuador, Peru andaccreditation of curricula. While government Suriname. Its observer countries are Newauthorities are responsible for this process Zealand and Mexico.of recognition, private sector representatives play a crucial role in the development of MERCOSUR has a services agreementcommon criteria in education.36based upon progressive liberalisation. Article XI of the Protocol addressesAgain, and importantly, this mutual recognition by encouraging member Statesrecognition exists outside the confines of an to develop norms and mutually acceptableEU-like Single Market and political union.criteria to enable professional services to be undertaken by each others suitably qualified citizens, this is through the granting of licences and registrations to service providers. 135'