Vladimir Putin is elected President of Russia. The ex-KGB officer has been lauded for leading Russia out of the 1990 economic crisis and criticized for building a regime that many have described as authoritarian and undemocratic.

The Schengen Agreement enters into force. Within the Schengen Area, which encompasses most of Europe, regular border checks have been abolished.

4 South American countries establish Mercosur. Argentina, Brazil, Uruguay, and Paraguay were the founding members of the Southern Common Market.

The Israel-Egypt Peace Treaty is signed. Egypt's President Anwar al-Sadat and Israel's Prime Minister Menachem Begin signed the treaty, which ended 30 years of war between the 2 countries.

The Biological Weapons Convention comes into effect. The treaty bans the development, production and stockpiling of biological and toxin weapons. It has now been ratified by most countries worldwide.