Mercosur ratifies Venezuela's full membership

The Common Market of the South (Mercosur) ratified the full membership of Venezuela, the Argentine Foreign Ministry said in a statement on Wednesday.

Representatives of Mercosur's four member countries, Argentina, Brazil, Uruguay and Paraguay, signed Venezuela's Membership Protocol on Tuesday night at the San Martin Palace, which hosts Argentina's Foreign Ministry.

Argentina is the bloc's acting leader, a role which rotates every six months.

The member countries agreed on a timetable for Venezuela to adopt Mercosur's common tariffs and respect free trade within the bloc.

The timetable states that between 2010 and 2014 Venezuela will join the free trade area already in operation between the other four members.

The five countries pledged to promote integration across the region and fight poverty and social exclusion through solidarity and cooperation, the statement said.

The protocol will have to be ratified by Mercosur's presidents at a summit, slated for July 20-21 in the Argentine city of Cordoba, before it will be sent for ratification to the countries' respective legislatures.

Source: Xinhua