MercoPress. South Atlantic News Agency

Mercosur presidential summit.

Asunción, the capital of Paraguay that currently holds the chair of Mercosur will be hosting a presidential summit this Wednesday to which Venezuelan President Hugo Chavez has also been invited.

The summit takes place at a very special moment following Argentina and Brazil's official commitments to revamp Mercosur, turning the trade block into a strong instrument that should rapidly expand to the rest of South America beginning with Peru and Venezuela.

Mercosur currently has four full members, Argentina, Brazil, Paraguay and Uruguay, plus associate members Chile and Bolivia.

Brazilian president Luiz Inacio Lula da Silva and his Argentine counterpart Nestor Kirchner have agreed to the creation of a "strategic alliance" between Mercosur two main members, that with the support of the other countries will address an agenda of "actions and results rather that speeches", as was highlighted during Mr. Kirchner's recent visit to Brazil.

Rapid integration of South America, the creation of a directly elected Mercosur Parliament, and an only position regarding trade and cooperation discussions with United States, the European Union and in the framework of the World Trade Organization are some of the ambitious points to be considered during the two days summit in Paraguay by Mercosur, Chile and Bolivia's presidents.

In the final ceremony Paraguay will hand Uruguay the six months pro tempore chair of Mercosur that will end in December when Argentina takes over.