Venezuela was admitted into the Common Market of the South (Mercosur) as a full member at the bloc 's 29th summit on Friday, local media reported.

Leaders at the summit also decided to create a new regional parliament, the report said.

During the one-day meeting in Montevideo, the leaders approved structural reform plans within the South American trade bloc.

They also reached consensus on reciprocal investment and ways of cooperation between the bloc and other countries and organizations.

Uruguay's President Tabare Vazquez turned over the rotating Mercosur presidency to his Argentine counterpart Nestor Kirchner after the summit.

Source: Xinhua