The Republic of Paraguay is a landlocked country in South America. It is bordered by Argentina, Brazil, and Bolivia and has a population of more than 7 million people. Asuncion, the capital of Paraguay, is one of oldest cities in South America. It is the home of the CONMEBOL, a continental governing body of football in South America. Spanish is spoken by most of the population, along with the indigenous Guaraní. The economy of Paraguay is highly dependent on agriculture, especially soybeans. Paraguay is a founding member of the Mercosur common market with Brazil, Argentina, Uruguay, Venezuela, and others. Mercosur's main objective is to generate business, investment opportunities and trade among its members.