Key facts
- Paraguay's President Santiago Pena called for Venezuela's return to the Mercosur trade bloc.
- Venezuela has been indefinitely suspended from Mercosur since 2017.
- Paraguay holds the pro tempore presidency of Mercosur.
- Paraguay plans to propose Venezuela's full reincorporation to Argentina, Brazil, and Uruguay.
- Colombia and Venezuela announced their intention to seek full membership in Mercosur.
Paraguay's President Santiago Pena called for Venezuela's reintegration into the South American trade bloc Mercosur on Wednesday, speaking at the UN General Assembly. Venezuela has been indefinitely suspended from Mercosur, which includes major South American economies like Brazil, Argentina, Paraguay, and Uruguay, since 2017. The suspension followed the invocation of the Ushuaia Protocol on democratic commitment after Venezuela's repression of anti-government protests and the establishment of a Constituent Assembly.
Paraguay, currently holding the pro tempore presidency of Mercosur, plans to formally propose Venezuela's full reincorporation to the bloc's other full members: Argentina, Brazil, and Uruguay. This initiative was confirmed by Paraguay's Minister of Industry and Commerce, Marco Riquelme.
In March, Colombian President Gustavo Petro announced that Colombia, an associate member, and Venezuela would seek full membership in Mercosur. The bloc also recently signed a free trade agreement with the European Union, which is set to provisionally apply from May 1. Bolivia is also in a transition period to fully adapt to Mercosur rules after joining in 2015.