The Common Market of the South (Mercosur) Wednesday formally accepted Venezuela's petition to join the trade bloc, beginning the country's accession process, diplomatic sources said.

The 29th meeting of Mercosur's Market Committee started Wednesday, and was expected to ratify Venezuela's full entry. Mercosur, South America's leading economic bloc, groups Argentina, Brazil, Paraguay and Uruguay.

The petition would be discussed by the Committee on Thursday. If ratified, it would be referred to the four member states' presidents for a final decision on Friday.

Mercosur has decided to reform Article 20 of the Asuncion Treaty, on which the bloc was established in 1991, to lay down conditions for the full entry of Mercosur's associate members which include Venezuela, Bolivia, Chile, Peru, Ecuador and Colombia.

The entry of Venezuela would considerably boost Mercosur's economic weight, as the country is the world's fifth biggest oil exporter and the third largest economy in South America after Brazil and Argentina.

Source: Xinhua