Venezuela took over the rotating presidency of the Southern Common Market (Mercosur) on Friday for the second half of 2013 after joining the trade bloc last year, Xinhua reported.
Taking over the chairmanship from Uruguayan President Jose Mujica at the 45th Summit of the Mercosur, Venezuelan President Nicolas Maduro said he will continue to promote the process of regional integration and strengthen political, trade, diplomatic and social ties among all the member countries.
Maduro also promised to consolidate the common market and further expand its economic and trade cooperation with other regional organizations.
Mercosur, founded in 1991, groups Argentina, Brazil, Paraguay, Uruguay and Venezuela. Paraguay was suspended from the regional trade bloc in June 2012 after the country's Congress ousted former President Fernando Lugo in a snap impeachment.
Referring to Paraguay's return to the bloc, Maduro said Venezuela genuinely welcomes its re-entry and is willing to overcome all difficulties with other member countries.