Venezuela has welcomed the invitation to become an associate member of MERCOSUR, The Common Market of South America (Mercado Común del Sur). Hugo Chávez, President of Venezuela, accepted the invitation at the latest MERCOSUR Summit of 8 July and promised to honour the members’ trust. The country has been granted an instant right to attend all meetings of the organisation.

In Mr Chavez’s opinion, MERCOSUR is a powerful tool for poverty eradication in the South-American continent. He recalled the words of Simon Bolivar, South-America's independence hero that "South-Americans should not be afraid to lay the first building block of their freedom."

Jose Vicente Rangel, Venezuelan vice-president, said that his country will create a permanent link between CAN, Andean Nation Community, and MERCOSUR, benefiting the two blocs.

MERCOSUR was created by the Treaty of Asuncion signed by Argentina, Brazil, Paraguay, and Uruguay in 1991. Chile and Bolivia became associate members in 1996 and 1997 respectively, with Mexico serving as an observer.

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